Oil prices fell around 1% in Friday’s session after China, the largest crude oil importer, widened its restrictions related to the “Covid-19” pandemic, although the two benchmarks posted gains. on the back of concerns over supplies and the release of positive economic data, contrary to expectations.
THE future Brent crude fell $ 1.19, or 1.2%, to $ 95.77 a barrel on liquidation, while US West Texas Intermediate crude fell $ 1.18, or 1. , 3%, at $ 87.90.
U.S. gasoline futures fell nearly 3%, while diesel futures rose about 5% to their highest level since mid-June.
On a weekly basis, Brent crude rose 2.4% and West Texas Intermediate 3.3%.
The drop in crude oil prices came in Friday’s session after Chinese cities stepped up “Covid-19” restrictions on Thursday to stem the spread of the virus, after China recorded 1,506 new Covid cases on October 27, according to the National Health Commission, in increase from 1,264 new cases the day before.
The world’s largest oil and gas companies, including ExxonMobil, Chevron and Equinor, posted huge profits in the third quarter, benefiting from rising energy costs that fueled inflation in around the world and hit consumers hard.
These huge profits are attracting criticism from consumer advocacy groups in the US as well in Europe due to rising inflation.
Meanwhile, OPEC is likely to maintain its predictions that world oil demand will increase for another decade.
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