Crude Oil Prices Fall by $1, China’s Demand Slows

Last updated Nov 14, 2022

Crude Oil prices fell on Monday, dragged down by a firmer U.S. dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer.

Brent crude futures were down $1.01, or 1.1%, at $94.98 a barrel by 1030 GMT after gaining 1.1% on Friday.

WTI crude futures fell $1.11, or 1.3%, to $87.85 after advancing 2.9% on Friday.

Commodities prices rallied on Friday after China’s National Health Commission adjusted its COVID prevention and control measures to shorten quarantine times for close contacts of cases and inbound travelers.

China’s demand for oil from top exporter Saudi Arabia also remained weak, with several refiners asked to lift less crude in December.

Reuters/Hauwa Abu

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