Oil prices extend declines


Oil prices on Monday extended declines from the end of last week amid a wider market sell-off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.

Brent was down 57 cents (0.8 percent), at $68.01 a barrel at 0716 GMT, after falling 1.5 percent on Friday. Brent’s weekly drop was 2.75 percent last week.

U.S. West Texas Intermediate (WTI) crude declined 47 cents to $64.98 a barrel, after dropping 0.5 percent in the previous session while WTI fell by 1 percent during the last week.

Ric Spooner, a chief market analyst at CMC Markets in Sydney. Said “Oil is caught up in this general risk-off move, without help at the margins by a little bit of strength in the U.S. dollar,”

Asian shares were down the most in more than a year on Monday as fears of resurgent inflation-battered bonds.

Also, Wall Street dropped last week from record highs as inflation concerns sparked speculation that central banks globally might be forced to tighten policy more aggressively.

Meanwhile, the three major U.S. indexes capped their worst weekly losses in two years, after closing at record highs the previous week.


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