February 1, 2023

Oil prices continued to fall today, Thursday, as geopolitical tensions eased, and a rise in Covid-19 cases in China heightened concerns about demand from the world’s largest oil importer.
Poland and NATO said on Wednesday that a missile that fell on alliance member Poland could have been launched by Ukraine’s air defenses and not the result of a Russian strike, and it eased fears that the war between Russia and Ukraine would expand to the rest of the region.
Brent crude fell $1.09, or 1.2%, to $91.77 a barrel by 1445 GMT. West Texas Intermediate crude fell $1.61, or 1.9%, to $83.98 a barrel.
China has recorded a daily increase in COVID-19 cases. Reuters reported that Chinese refineries were asked to cut their purchases of Saudi oil in December, as well as to cut their purchases of Russian oil.
Although the number of cases of COVID-19 in China is low compared to the rest of the world, it has a strict policy to limit the spread of the Corona virus, which reduces the demand for fuel.
Some support for oil prices was provided by official data, which showed that US crude oil inventories fell by more than five million barrels, as expected last week.

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