Singapore, December 28 (QNA) – Oil prices fell today due to the increase in investors fears about the sharp rise in the number of COVID-19 cases in China, and its impact on oil demand in China, which is the largest oil importer, despite optimism about the recovery of fuel demand, with Beijing easing Covid-19 Restrictions.
Brent crude futures fell by USD 1.69, or 2 percent, to reach USD 82.64 a barrel, while West Texas Intermediate (WTI) crude oil futures fell by $1.55, or 2 percent, to reach $77.98 a barrel.
China announced its intention not to oblige incoming travelers to enter quarantine, starting from January 8, in a major step to ease the strict Corona pandemic restrictions on its borders, although Chinese hospitals are facing severe pressure due to the high number of infections.
Yesterday, oil recorded its highest level in three weeks, as a cold wave across the United States caused the closure of a number of production sites and refineries. (QNA)
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