Singapore, December 29 (QNA) – Oil prices fell on Thursday as surging COVID-19 cases in China has raised doubts over a fast recovery in fuel demand in the world’s second-biggest oil consumer.
Brent futures for February delivery fell 42 cents, or 0.5%, to $82.84 a barrel, while US crude fell 50 cents, or 0.6%, to $78.46 per barrel.
Oil markets were also buffeted by expectations of another US interest rate hike in the United States, as Federal Reserve tries to limit price rises in a tight labor market.
US crude oil inventories fell less than expected, by about 1.3 million barrels, in the week ended Dec. 23. (QNA)
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