WTI crude futures fell more than 3% to below $86 per barrel on Monday, a dramatic reversal from their daily highs of almost $90 per barrel, as a stronger dollar and uncertainty about a China reopening kept investors on edge. China’s National Health Commission has recently eased some coronavirus-induced measures on the world’s top oil imported, but rising coronavirus cases over the weekend pushed back the idea of a broader and swift reopening. At the same time, the dollar index rose toward 107, recovering slightly from near three-month lows after Federal Reserve Governor Christopher Waller warned investors against getting too optimistic over one inflation report, and said that the central bank “still got a ways to go” with interest rate hikes. Historically, Crude oil reached an all time high of 147.27 in July of 2008. The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.