Oil prices fell 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. | Reuters
“Even after China eased COVID restrictions, it is difficult for demand to recover in a short time due to the rapid decline of people’s outdoor activities due to the massive infection ,” said Leon Li, an analyst at CMC Markets.
The Arctic blast that sent temperatures well below freezing also disrupted output, cutting oil and gas production from North Dakota and Texas. However, “while a Russian ban on oil sales would cut supply, this would be offset by lower demand due to a potential global economic recession next year”, Li added.
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