Wednesday, November 16, 2022

11:44

Oil Prices Ease As China Covid Concerns Outweigh Supply Woes

Source: Reuters

Oil prices slid on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world's top crude importer that outweighed concerns about an escalation of geopolitical tensions and tighter oil supply.

Brent crude futures dropped by 33 cents, or 0.4%, to $93.53 a barrel by 0737 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 44 cents, or 0.5%, to $86.48 a barrel. Both benchmarks fell more than $1 earlier in the session.