Oil Falls As Investors Protect Themselves

Benzinga 2021-09-20

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Oil prices fell more than $1 per barrel early Monday as fallout from Evergrande’s ($EGRNF@China) financial woes turned investors away from the dollar and into the oil market. Plus, oil output increased as facilities along the Gulf of Mexico came back online. Tamas Varga of oil broker PVM says, “Far East stock markets and the strong dollar are affecting oil. Nonetheless, unless all hell breaks loose, the positive sentiment ought to prevail.” Brent Crude fell 1.8%, and West Texas Intermediate dropped 2.2% to just over $70 per barrel.

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