Oil drops 2% in light trading on China demand concern amid Covid surge
Oil prices dipped on Wednesday as traders weighed concerns over a surge in COVID-19 cases in China, the world’s top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand.
Brent crude futures fell $1.69, or 2%, to $82.64 a barrel by 10:01 a.m. EST [1501 GMT], while the U.S. West Texas Intermediate crude futures fell $1.55, or 2%, to $77.98 per barrel.
