Oil futures continued to slide on Thursday as concerns about Chinese demand and rising inventories weighed on prices
Oil futures slid again on Thursday as concerns about Chinese demand and rising inventories weighed on prices, bringing losses for the U.S. crude benchmark to nearly 8% for the week so far.
Price actionMarket drivers Crude prices have suffered this week as an increase in COVID-19 cases in China has dampened hopes for a relaxation of Beijing’s “zero COVID” policy of lockdown restrictions, said Craig Erlam, senior market analyst at OANDA. “While... Oil futures slid again on Thursday as concerns about Chinese demand and rising inventories weighed on prices, bringing losses for the U.S. crude benchmark to nearly 8% for the week so far.
Price action Market drivers Crude prices have suffered this week as an increase in COVID-19 cases in China has dampened hopes for a relaxation of Beijing’s “zero COVID” policy of lockdown restrictions, said Craig Erlam, senior market analyst at OANDA. “While the narrative in recent weeks has focused on the potential for Chinese Covid restrictions to be relaxed, which has driven Chinese equities higher and lifted oil prices, the reality has seen case numbers soaring, restrictions reimposed and mass testing undertaken,” Erlam said.
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