Global crude oil news, prices remain flat in Asian session

21 Oct 2022 , 08:06 AM

On Friday, oil prices remained almost unchanged as market participants balanced their excitement about rising energy demand in China with worries about high inflation.

The price of Brent crude futures had dropped by 5 cents to $92.33 per barrel. The price of U.S. West Texas Intermediate futures increased by 7 cents to $84.58 per barrel.

WTI was anticipated to decline by 1.3%, while Brent was projected to rise by 0.7% for the week.

The U.S. is fighting inflation. Patrick Harker, president of the Federal Reserve Bank of Philadelphia, stated on Thursday that the Federal Reserve is attempting to slow the economy and will maintain hiking its short-term rate target.

Bloomberg news reported on Thursday that Beijing is considering reducing the visitor quarantine period from 10 days to seven days.

China, the biggest importer of crude oil, has adhered to stringent COVID-19 limitations this year, which has negatively impacted business and economic activity and decreased demand for fuel.

Prices have recently been boosted by an impending European Union ban on Russian crude and oil products, a reduction in production by OPEC+, which includes Russia, and other factors.

Early in October, OPEC+ decided to reduce production by 2 million barrels per day.

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