Oil prices were down for a fifth consecutive trading day, as the recent rally began to unwind with a continued increase in U.S. commercial inventories, a stronger U.S. dollar, and renewed concerns about demand this quarter and early next quarter amid setbacks in vaccination rollouts in the biggest economies in Europe.
The higher dollar has weighed on the oil market this week as a stronger greenback makes crude oil more expensive for holders of other currencies.
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WNU Editor: Europe is going into another Covid-lockdown .... Oil hits skids, drops 7% on worsening outlook for coronavirus in Europe (Reuters). This also does not help .... Saudi's January crude exports hit highest in nine months (Reuters).
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