Oil prices fall in choppy trade on account of mixed China Covid-19 signals
Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world’s top crude importer, potentially relaxing its strict COVID-19 restrictions.
Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31.
U.S. West Texas Intermediate crude dropped 82 cents to settle at $91.79. It earlier rose 74 cents to a session high of $93.74 a barrel, the highest since Aug. 30.
Prices climbed during the session on news that Chinese leaders are considering reopening the economy from strict COVID-19 restrictions but are proceeding slowly and have set no timeline, the Wall Street Journal reported, citing sources.
