Global crude oil news

11 Nov 2022 , 08:17 AM

Although there were fewer worries about a U.S. recession on Friday, oil prices were still expected to drop more than 4% on the week after a rise in COVID-19 cases in China, the world’s largest oil importer, raised the possibility of decreased fuel demand.

Brent oil futures were up 23 cents, or 0.3%, to $93.80 a barrel, continuing a session-long rise of 1.1%.

U.S. Following a 0.8% increase in the previous session, West Texas Intermediate (WTI) crude futures increased by 28 cents, or 0.3%, to $86.75 per barrel.

Oil demand is increased by a weaker U.S. dollar because foreign currency holders can purchase the commodity at a lower price.

Travel across China remained slow as a result of work-from-home restrictions lowering mobility and fuel demand as well as people’s anxiety over being quarantined.

The oil market was boosted last week by expectations that China would relax its rigorous zero COVID policy, but statements from health officials this week made it obvious that the country would continue to strictly control any outbreaks.

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