Oil drops below USD 53 amid demand pessimism and firmer dollar

Oil fell below USD 53 a barrel on a steadily deteriorating short-term demand outlook and a gain in the dollar that reduced the appeal of commodities priced in the currency.

Photo: CHRISTIAN HARTMANN/REUTERS / X90079

BY ELIZABETH LOW, BLOOMBERG NEWS

Futures in New York declined 1.1 percent. President Joe Biden warned of roughly another 100,000 American deaths over the next month, while data showed New York traffic thinned from a month earlier. Some Shanghai residents have been banned from leaving the city, while part of Hong Kong is being locked down, the latest in a series of measures to rein in a resurgence of the virus in China.

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