home Oil Prices Oil prices fall two percent on strong dollar, weak China data

Oil prices fall two percent on strong dollar, weak China data

NEW YORK (Reuters) – Oil prices tumbled 2 percent on Monday in volatile trade, as the dollar strengthened and China posted weak domestic demand data, sinking prices that had gotten a short-lived boost on concerns about potential reductions in crude supply from Libya.

Global benchmark Brent crude futures LCOc1 were at $51.01 a barrel by 1:56 p.m. EDT (1714 GMT), down $1.09 from Friday’s close. They touched a low of $50.91 earlier in the session.

U.S. West Texas Intermediate crude futures CLc1 were trading at $47.87, down 95 cents a barrel.

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