KONTAN.CO.ID - SINGAPORE. Oil prices fell on Wednesday on concerns that rising COVID-19 cases in China, the world's top oil importer, will disrupt its economic recovery as it unwinds its pandemic restrictions, limiting fuel demand growth. Brent LCOc1 futures for February delivery fell 68 cents, or 0.8%, to $83.65 a barrel, by 0710 GMT. U.S. crude CLc1fell 46 cents, or 0.6%, to $79.07 per barrel. Both benchmarks rose to their highest in three weeks on Tuesday on hopes for a fuel demand boost after the country said it will stop requiring inbound travellers to go into quarantine starting from Jan. 8, a major step towards relaxing stringent curbs on its borders.
Oil Prices Slide on Worries About China COVID Surge, Possible Global Recession
KONTAN.CO.ID - SINGAPORE. Oil prices fell on Wednesday on concerns that rising COVID-19 cases in China, the world's top oil importer, will disrupt its economic recovery as it unwinds its pandemic restrictions, limiting fuel demand growth. Brent LCOc1 futures for February delivery fell 68 cents, or 0.8%, to $83.65 a barrel, by 0710 GMT. U.S. crude CLc1fell 46 cents, or 0.6%, to $79.07 per barrel. Both benchmarks rose to their highest in three weeks on Tuesday on hopes for a fuel demand boost after the country said it will stop requiring inbound travellers to go into quarantine starting from Jan. 8, a major step towards relaxing stringent curbs on its borders.