Home » Economy » Oil prices fall on anticipation of withdrawals from US inventories and fears of Chinese demand

Oil prices fall on anticipation of withdrawals from US inventories and fears of Chinese demand

CairoBank

Reuters – Oil prices fell for the second session in a row today, Friday, affected by expectations that Washington may move soon to curb prices that are still above $ 80 a barrel, while restrictions on movement in China to combat the Corona outbreak affected the demand for fuel.

Brent crude futures were down six cents at $84.41 a barrel at 0427 GMT.

US West Texas Intermediate crude contracts also fell 21 cents, or 0.3 percent, to $81.91 a barrel.

China, the world’s second-largest oil consumer, suspended some international flights, and intensified efforts to curb the spread of the virus in Tianjin Province, while the mutated Omicron strain of the Corona virus spread in the northeastern city of Dalian.

Many cities, including Beijing, have also urged residents not to travel during the Lunar New Year holiday, which could reduce fuel demand during the peak travel season.

as recorded China In 2021, the first annual decline in crude oil imports in 20 years.

On Thursday, the US Department of Energy said it had sold 18 million barrels of oil from the strategic reserve to six companies.

Despite this, the two benchmarks, Brent and West Texas Intermediate, are heading to rise for the fourth consecutive week, supported by concerns about supplies and political concerns in Libya and Kazakhstan, and the decline in US crude stocks to the lowest level since 2018.

short link

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.