• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 min California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 4 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 1 day An Indian Opinion on What is Going on in China
  • 9 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 4 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
Brent Crude Nears $85 As Global Energy Crisis Worsens

Brent Crude Nears $85 As Global Energy Crisis Worsens

Oil prices extended Friday’s rally…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Drop On Stronger Dollar, COVID Resurgence

Oil prices dropped early on Monday as a stronger U.S. dollar and many countries still battling rising daily COVID-19 cases weighed on market sentiment at the start of the week.

As of 9:14 a.m. ET on Monday, WTI Crude prices were down by 0.15 percent at $52.30 and Brent Crude was trading down 0.29 percent at $54.97, with prices down by around $2 a barrel from the middle of last week.

The lockdowns in Europe and the fairly slow start to vaccination programs in many countries outweighed early on Monday good economic data out of China, which beat analyst estimates to post 6.5-percent annual growth in its economy in the fourth quarter, compared to 6.1-percent growth expected by economists in a Reuters poll. China is also the only major economy to have posted economic growth last year, of 2.3 percent. All other major economies in the world are expected to have contracted in 2020, hit by the pandemic.

Still, China’s economic data wasn’t enough to wipe out a cautious approach to the oil market at the start of this week, as participants are still concerned that the spreading of the virus and the lockdowns will significantly weigh on oil demand in the first quarter. At the same time, vaccination programs are likely to take months before allowing a critical mass of economically active people to contribute to global economic recovery.  

“Hopes about a speedy recovery in fuel demand continues to be challenged by lockdowns and the continued rapid spreading of Covid-19,” Saxo Bank said on Monday.

Moreover, the upcoming presidential inauguration in the United States on January 20 also makes investors more cautious, PVM Oil analyst Tamas Varga told Reuters.

Saxo Bank sees President-elect Joe Biden’s inauguration as another factor to watch in oil this week, as well as how soon he could roll out the stimulus package announced last week. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News