Oil prices edged lower on Tuesday as rising Covid-19 cases in China heightened fears of lower fuel consumption from the world’s top crude importer. Brent crude futures were down 13 cents to $93.01 a barrel at 11:26 am EST, while US West Texas Intermediate crude fell 1 cent to $85.86. Investors cheered China’s announcements last week that it would reduce the impact of a strict zero-Covid policy to spur economic activity and energy demand, but analysts said lockdowns and surging case numbers remained a downside risk. “Rising Covid cases in Beijing and in other cities served us with a reminder that a change in the trajectory of economic and oil demand growth in the world’s biggest oil importer is anything but imminent,” said Tamas Varga of oil broker PVM.
Published in The Express Tribune, November 16th, 2022.
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