Oil loses 3% on renewed COVID worries, stronger US dollar

International benchmarks for crude oil plunged more than 3% on Monday, 14 November 2022 as the rising number of infection cases in China dashed hopes of a swift reopening. Meanwhile, the US dollar rallied against the basket of currency as investors expect the FED to increase interest rates again soon.

Brent plunged $2.85 or 3% to close at $93.14/barrel. 

WTI dropped $3.09 or 3.47% to settle at $85.87/barrel.