Global crude oil news

10 Nov 2022 , 08:45 AM

On Thursday, oil prices declined for a fourth day due to worries that new COVID restrictions in China, the largest petroleum importer in the world, may affect fuel demand.

Brent crude futures were down 34 cents, or 0.4%, to $92.31 a barrel. West Texas Intermediate (WTI) crude for the United States traded at $85.52 per barrel, down 31 cents.

While WTI prices have fallen more than 7% this week, Brent prices have fallen more than 6%.

In the city’s largest outbreak to date, Guangzhou, a manufacturing hub with 19 million residents, reported more than 2,000 new cases on Thursday, the third day above that number.

As local cases in China reached their highest level since April 30 on Wednesday, millions of residents were urged to get tested for COVID-19, and one metropolitan district was placed under lockdown.

A significant increase in U.S. crude inventory that was revealed on Wednesday added to the market’s doom.

Last week, the U.S. saw a 3.9-million-barrel increase in its crude oil reserves. Inventories reached their greatest level since July 2021, according to the Energy Information Administration.

However, distillate stockpiles decreased by 500,000 barrels, and gasoline inventories dropped by 900,000 barrels to their lowest level since November 2014.

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