US crude erases losses, holds above $42

The performance of oil prices varied during Monday's trading, as US crude gave up losses recorded earlier in the session and turned to stability, as Brent cut its losses.

The American bank Goldman Sachs projected global oil demand to fall this year below the pre-pandemic levels, to reach about 96 million barrels per day by December.

The dollar index fell against a basket of currencies by 0.8% to 93.6 points as of 17:02 GMT, after it hit an intraday high of 94.6 and a low of 93.3.

The market is focusing this week on the US Federal Reserve's regular meeting on Tuesday, in addition to the release of the US GDP data.

As of 17:00 GMT, West Texas Intermediate crude slipped 0.1% to $41.2 a barrel, after it hit an intraday high of $41.7 and a low of $40.4.

Brent fell 0.5% to $43.1 a barrel, with a high of $43.7 and a low of $42.3.