Oil prices fall amid fears over Chinese demand
The cost of futures for Brent crude oil for January delivery on the London ICE exchange fell by 1.3% and dropped to $97.3 per barrel. During trading, the price of Brent crude fell below $97 per barrel.
The price of futures for WTI crude oil for December delivery on the New York Mercantile Exchange fell by 1.6% to $91.2 per barrel.
Brent fell more than $1 a barrel after Chinese officials over the weekend reaffirmed their commitment to a strict COVID-19 (COVID Zero) policy, ending hopes for a recovery in oil demand from the world’s largest importer, writes Reuters.
Last week, quotes approached the level of $99 a barrel amid unverified rumors that China is preparing to ease quarantine restrictions, which will boost economic activity and increase demand for fuel.