Oil dipped as traders grappled with the demand implications of a Covid-19 resurgence in several regions. Bloomberg) — Oil dipped as traders grappled with the demand implications of a Covid-19 resurgence in several regions and slowing economic growth in China. Futures in New York fell 0.6% on Monday. New mobility restrictions have been introduced in parts of Japan, South Korea and Vietnam to curb the spread of the delta variant, clouding the demand outlook for oil. Confirmed Covid-19 cases in the U.S. soared 47% in the week ending Sunday, the largest weekly rise since April 2020. Meanwhile, China’s economic rebound is reported to have slowed. A stronger U.S. dollar also weighed on prices, making commodities priced in the currency less attractive. “As the Covid-19 variant continues to hit Asia hard, which is really the key swing demand center, that’s a big, big negative for the complex,” said John Kilduff, […]