Oil Slips as Dollar Pressure Overshadows Supply Worries, For Now
- OPEC, IEA to release monthly market outlooks in coming days
- WTI falls below $80 a barrel after rising almost 7% last week
An oil drilling rig in Midland, Texas.
Photographer: Sergio Flores/BloombergThis article is for subscribers only.
Oil fell in a low-volume session, unable to withstand a rising US dollar while investors waited for upcoming supply constraints to hit the market.
Traders exited risk assets Monday, pausing a rally in which prices have risen roughly 20% in the last three weeks. OPEC+’s surprise decision to slash output beginning in May reignited bullish bets on prices, yet some demand indicators are flashing signs of weakness.