new Delhi: oil prices A rise in Covid-19 cases in China on Thursday dimmed hopes of a recovery in fuel demand in the world’s second-biggest oil consumer.
The scale of the latest outbreak and doubts over official figures have prompted some countries to impose new travel rules on Chinese visitors, even as China begins to ease the world’s strictest Covid regime of lockdowns and testing.
brent futures Oil for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel by 0123 GMT, while US crude fell 50 cents, or 0.6%, to $78.46 a barrel.
oil market The United States also weighed in on expectations of another US interest rate hike, as the Federal Reserve tries to limit price increases in a tight labor market.
we crude oil Inventories fell by about 1.3 million barrels, less than expected, in the week ending Dec. 23, according to market sources citing data from the American Petroleum Institute.
That compared with analysts’ estimates for a draw of 1.5 million barrels. The US government will release its weekly figures on Thursday at 10:30 am EST.
Also considering prices, pipeline operator TC Energy said it was working to restart a section of the Keystone pipeline that was shut down following a leak earlier this month. However, it comes as an Arctic freeze has forced some oil refining facilities offline, supporting crude supplies.
Oil refiners continued to ramp up operations, but some of that recovery is expected to extend into January.
However, the market took some support from Russian President Vladimir Putin’s ban on exports of crude oil and oil products for five months from February 1 to countries that adhere to western price caps.
Germany said the ban has “no practical significance” as the country has been working since spring to replace Russian oil supplies and ensure security of supply.
The scale of the latest outbreak and doubts over official figures have prompted some countries to impose new travel rules on Chinese visitors, even as China begins to ease the world’s strictest Covid regime of lockdowns and testing.
brent futures Oil for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel by 0123 GMT, while US crude fell 50 cents, or 0.6%, to $78.46 a barrel.
oil market The United States also weighed in on expectations of another US interest rate hike, as the Federal Reserve tries to limit price increases in a tight labor market.
we crude oil Inventories fell by about 1.3 million barrels, less than expected, in the week ending Dec. 23, according to market sources citing data from the American Petroleum Institute.
That compared with analysts’ estimates for a draw of 1.5 million barrels. The US government will release its weekly figures on Thursday at 10:30 am EST.
Also considering prices, pipeline operator TC Energy said it was working to restart a section of the Keystone pipeline that was shut down following a leak earlier this month. However, it comes as an Arctic freeze has forced some oil refining facilities offline, supporting crude supplies.
Oil refiners continued to ramp up operations, but some of that recovery is expected to extend into January.
However, the market took some support from Russian President Vladimir Putin’s ban on exports of crude oil and oil products for five months from February 1 to countries that adhere to western price caps.
Germany said the ban has “no practical significance” as the country has been working since spring to replace Russian oil supplies and ensure security of supply.