SINGAPORE- Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the US following an attack on US presidential candidate Donald Trump while investors eyed the progress of talks for a Gaza ceasefire.
Brent crude futures fell 55 cents, or 0.7 percent , to $84.48 a barrel after settling down 37 cents on Friday.
US West Texas Intermediate crude was at $81.65 a barrel, down 56 cents, or 0.7 percent .
The dollar firmed on Monday while US bond futures slipped as investors wagered the attack on Trump made his victory in the upcoming presidential election more likely.
“The (US dollar) is expected to be a beneficiary of the assassination attempt on former President Trump as it increases the chances of his re-election,” said IG market analyst Tony Sycamore.
A stronger dollar tends to lower oil prices as buyers using other currencies have to pay more for their dollar-denominated crude.
Last week, Brent fell more than 1.7 percent after four weeks of gains while WTI futures slid 1.1 percent as weak oil demand in China, the world’s top importer, countered robust summer consumption in the US
China’s crude oil imports fell 2.3 percent in the first half of this year to 11.05 million barrels per day amid disappointing fuel demand and as independent refiners reduced production due to weak profit margins.