OIL FALLS BACK BELOW $41 WITH DOLLAR’S GAIN

Oil dipped below $41 a barrel as the dollar gained and European stock markets slumped.

Futures in New York dropped 1.4 per cent, after rising on Wednesday. Equities slid in Europe after corporate earnings failed to re-ignite rallies and prospects wilted for new stimulus from Washington before the November election. Paris and London are also facing renewed clampdowns as virus cases rise.

Oil-market sentiment had improved this week amid some positive signals on consumption from Asia. But the likelihood of drastic curbs on movement being reintroduced in some of Europe’s largest cities has fueled demand fears. London is set to face harsher measures from Friday night.

 

 
Source: Bloomberg