Oil prices slip on tightening of Covid-19 restrictions, particularly in China
Oil prices slid in early trade on Thursday on fresh worries about weakened fuel demand, after England clamped down on travel and China, the world’s second-largest oil consumer, also sought to limit Lunar New Year trips to stem a surge in Covid-19 cases.
US West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.1%, to $52.72 a barrel at 0228 GMT, erasing some of Wednesday’s gain.
Brent crude futures fell 16 cents, or 0.3%, to $55.65 a barrel, after losing 10 cents on Wednesday.
“It looks like the market’s really paying attention to some of the demand concerns. The one which has really taken over moreso than others is what’s going on in China,” said Commonwealth Bank Commodities Analyst Vivek Dhar.
