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Shafaq News/ Oil prices fell on Monday, after Chinese officials reiterated over the weekend their commitment to a strict approach to containing the Corona virus, dashing hopes for a recovery in oil demand in the world's largest importer of crude.
Brent crude futures were down 93 cents, or 0.94%, at $97.67 a barrel by 04:27 GMT. US West Texas Intermediate crude was at $91.55 a barrel, down $1.07, or 1.17%.
Brent and WTI rose last week, up 2.9% and 5.4%, respectively, as rumors of a possible end to strict COVID-19 lockdowns sent Chinese stock markets and commodity prices higher despite no changes announced.
Oil experts said, "The market is still dealing with signs of weak demand for oil from already high prices and a weak economic background in developed markets," adding that "demand in Europe and the United States has fallen to 2019 levels."
Oil prices support expectations of tight supplies as the European Union's ban on Russia's seaborne crude exports will start on Dec. 5, while refineries around the world are ramping up production to meet strong diesel demand.
[You must be registered and logged in to see this link.]
Oil prices fall as hopes for a recovery in Chinese demand fade
Shafaq News/ Oil prices fell on Monday, after Chinese officials reiterated over the weekend their commitment to a strict approach to containing the Corona virus, dashing hopes for a recovery in oil demand in the world's largest importer of crude.
Brent crude futures were down 93 cents, or 0.94%, at $97.67 a barrel by 04:27 GMT. US West Texas Intermediate crude was at $91.55 a barrel, down $1.07, or 1.17%.
Brent and WTI rose last week, up 2.9% and 5.4%, respectively, as rumors of a possible end to strict COVID-19 lockdowns sent Chinese stock markets and commodity prices higher despite no changes announced.
Oil experts said, "The market is still dealing with signs of weak demand for oil from already high prices and a weak economic background in developed markets," adding that "demand in Europe and the United States has fallen to 2019 levels."
Oil prices support expectations of tight supplies as the European Union's ban on Russia's seaborne crude exports will start on Dec. 5, while refineries around the world are ramping up production to meet strong diesel demand.
[You must be registered and logged in to see this link.]
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