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Oil Dips Amid Broader Market Declines and U.K. Virus Rise

  • U.K.’s Johnson expected to delay lifting virus restrictions
  • Technical indicators show crude oil in overbought territory
Preparations Ahead Of The 177th OPEC Conference
Photographer: Stefan Wermuth/Bloomberg
Updated on

Oil closed little changed amid broader market declines and as an extension of virus restrictions in the U.K. tempered optimism around a robust summer demand recovery in Western countries.

Futures in New York ended the session less than 1% lower on Monday, erasing an earlier rally. British Prime Minister Boris Johnson is preparing to extend pandemic restrictions for up to four weeks due to a surge in the delta variant. Meanwhile, investors are also awaiting signals from the Federal Reserve about a timetable for scaling back emergency monetary stimulus that may affect the price of the dollar, and therefore, the price of crude.