Oil Falls Near $52 With Virus Surging and Dollar Strengthening
- Russian ESPO premiums weaken; Covid cases climb in Asia
- WTI futures slip 0.5% after closing 2.3% lower on Friday
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Oil futures edged lower after China reported new virus cases and the dollar rose, while physical crude prices in Asia weakened.
Futures in New York fell 0.5%. Premiums for Russia’s ESPO crude, a favorite of refiners in Asia, have fallen by more than $1 since last month, according to traders who asked not to be identified. A flurry of new Covid cases in China and flare-ups in other major regional consumers like Japan are menacing demand. Gaps in access to vaccines raise concern that the continued spread of the virus will breed more dangerous versions.