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decreased Brent crude futures contracts 78 cents, or 0.9 percent, to $ 86.01 a barrel by 0040 GMT, after settling up 4.1 percent on Friday. retreat West Texas Intermediate crude oil 73 cents, or 0.8 percent, to record 92.11 dollars a barrel, after an increase of 3.9 percent in the previous session.
Prices were little changed last week due to the balance between gains from a small supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, and between The ongoing lockdown related to COVID-19 in China The largest importer of oil in the world.
China’s demand for oil may contract for the first time in two decades this year, as Beijing’s policy to permanently eradicate COVID-19 keeps people indoors during the holidays and reduces oil consumption.
Vivek Dar, an analyst at the Commonwealth Bank of Australia, wrote in a note "Concerns about demand centered on the impact high interest rates Anti-inflation and China’s zero-Covid policy".
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decreased Brent crude futures contracts 78 cents, or 0.9 percent, to $ 86.01 a barrel by 0040 GMT, after settling up 4.1 percent on Friday. retreat West Texas Intermediate crude oil 73 cents, or 0.8 percent, to record 92.11 dollars a barrel, after an increase of 3.9 percent in the previous session.
Prices were little changed last week due to the balance between gains from a small supply cut by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, and between The ongoing lockdown related to COVID-19 in China The largest importer of oil in the world.
China’s demand for oil may contract for the first time in two decades this year, as Beijing’s policy to permanently eradicate COVID-19 keeps people indoors during the holidays and reduces oil consumption.
“Concerns about demand center on the impact of high interest rates Anti-inflation and China’s zero-Covid policy.