TLW.L

(Bloomberg) -- Oil slid amid a surging dollar, while weak U.S. economic indicators pointed to concerns over an economic rebound.Futures in New York fell as much as 3.1% and the Bloomberg Dollar Spot Index rose 0.7%, reducing the appeal of commodities priced in the currency. U.S. consumer sentiment cooled more than forecast in January, data released Friday showed. Meanwhile, President-elect Joe Biden said he will ask Congress for $1.9 trillion to fund immediate relief for the U.S. economy that has been pummeled by the pandemic. Still, the large price tag and inclusion of initiatives opposed by many Republicans set up the aid package for a drawn out legislative battle.“The dollar strength is putting pressure on crude,” said Bob Yawger, head of the futures division at Mizuho Securities. Meanwhile, Republican opposition facing Biden’s virus aid proposal means “it may get chopped up and pushed out piecemeal, which is less than ideal. That’s been weighing on all risk assets, including oil.”V

Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world's biggest crude importer and U.S. plans for a large stimulus package.