Oil Falls $1 on China COVID-19 Surge and Firmer Dollar

Oil Falls $1 on China COVID-19 Surge and Firmer Dollar
An oil field worker works at a pump jack in PetroChina's Daqing oil field in China's northeastern Heilongjiang Province on Nov. 5, 2007. (Stringer (China)/Reuters)
Reuters
Updated:

LONDON—Oil prices fell on Monday, dragged down by a firmer U.S. dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer.

Brent crude futures were down $1.01, or 1.1 percent, at $94.98 a barrel by 1030 GMT after gaining 1.1 percent on Friday. WTI crude futures fell $1.11, or 1.3 percent, to $87.85 after advancing 2.9 percent on Friday.