RIYADH: Oil prices fell on Monday, dragged down by a firmer US dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer.
Brent crude futures were down $1.01, or 1.05 percent, at $94.98 a barrel by 4.20 p.m Saudi time after gaining 1.1 percent on Friday.
WTI crude futures fell $1.08, or 1.21 percent, to $87.88 after advancing 2.9 percent on Friday.
Price cap on Russian oil will benefit China: Yellen
China’s purchases of Russian oil are “completely consistent” with Western countries’ plans to keep Russian crude on the world market and Beijing will benefit from the new price cap mechanism to be imposed in December, US Treasury Secretary Janet Yellen said on Monday.
Yellen told reporters on the sidelines of the G20 summit in Bali that China and other buyers of Russian oil will have more leverage to negotiate lower prices.
“We see the price cap is something that benefits China benefits India, and benefits all purchasers of Russian oil,” Yellen said.
Iraq wants to keep oil stable not above $100 per barrel
Iraq is keen to maintain stable oil prices at not above $100 per barrel, the country’s Prime Minister Mohammed Shia Al-Sudani told reporters on Saturday.
Iraq, a member of the Organization of the Petroleum Exporting Countries, will have discussions with other members to reconsider and increase its production quota, he added.
(With input from Reuters)