CALGARY, Alberta (Reuters) - Oil prices fell Tuesday due to concerns over low demand in the United States and Asia, despite continued decline in U.S. production. The Gulf Coast helped reduce losses.
BIndustry analysts say the strengthening of the US dollar is also measured by crude prices. The strong dollar makes oil more expensive for the owners of other currencies.
US West Texas Intermediate Crude was below $ 1. 45 or 2.1% from Friday closing at $ 67. 84 a barrel at 1648 GMT. There were no payments on Monday due to a Labor Day holiday in the United States.
Brent crude futures fell by 93 cents, or 1.3%, to $ 71.30 a barrel, after falling 39 cents on Monday.
The U.S. economy He created very few jobs in the seven months in August as recruitment in the tourism and hospitality sector stalled during the resurgence of the COVID-19 epidemic.
Analysts said the oil market was still scrutinizing Friday's data and Saudi Aramco's move (SE: 2222) on Sunday to reduce its October price (OSPs) in all of its pollution levels sold in Asia for at least $ 1 a barrel.
Deep inflation, a sign that consumption in the world's largest importing region remains strong, comes as the closure of Asia as a whole to combat the Delta variation of coronavirus has undermined the economic outlook.
"There are concerns about further demand due to a weak job report in the U.S. and COVID. The market is in a state of disarray," said Phil Flynn, an analyst at Price Futures Group in Chicago.
Oil prices received support from China's strong economic indicators and continued supply of U.S. supplies from Hurricane Ida.
Imports of crude oil to China increased by 8% in August from last month, cultural data showed, while China's economy gained momentum as exports grew at a faster pace in August.
More than 80% of oil production in the Gulf of Mexico remains closed after Ida, a U.S. regulator said. On Monday, more than a week after the storm hit the region hit critical infrastructure in the region.
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