Energy Preview: Crude Oil Slides Below $78 Per Barrel Amid Demand Concerns

24 Nov 2022 , 08:39 AM

Crude oil erased some of its overnight losses to trade near the flat line in early Asia on Thursday. Oil was pressured by surging Covid cases in China that have hit a record high since the beginning of the pandemic, official data showed Thursday. The country works to curb the spread with snap lockdowns, mass testing and travel restrictions that could hurt energy demand in the worlds top crude importer. Investors also weighed a larger-than-expected build in US gasoline stocks, which jumped by 3.058 million barrels last week despite forecasts for a 383,000 barrel gain, though US crude inventories dropped significantly. WTI crude oil futures were trading at $77.94 per barrel.Powered by Commodity Insights