Futures prices fell for oil At the settlement of trading on Wednesday, as the state of optimism in the levels of demand for crude, supported by the easing of closure restrictions in China, collided with the increase in cases of infection there.
Upon settlement, Brent crude futures fell by 1.3% to $83.26 a barrel.
US crude futures also fell by 0.7%, recording $78.96 a barrel.
This week, China moved to cancel quarantine requirements for those coming from abroad, following earlier this month easing the virus-related lockdown restrictions.
Nevertheless, US President Joe Biden’s administration announced that, starting from January 5, next month, it will oblige arrivals from China, Hong Kong, and Macau to undergo corona checks before entering America.
In a separate context, Archyde.com accounts and data published by the Russian Statistics Authority revealed that Russia’s production of oil and gas condensate increased in November from 10.71 million barrels per day in October to 10.9 million barrels per day last month.
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