Oil prices were steady on Wednesday as concerns about lower fuel demand from China amid tightening COVID-19 curbs offset data showing a larger-than-expected U.S. crude draw last week.
Brent crude futures dropped 15 cents, or 0.2%, to $88.21 a barrel at 0508 GMT, while U.S. West Texas Intermediate crude futures lost 9 cents, or 0.1%, to $80.86 a barrel.
"Oil is having a tug-of-war with China COVID demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight," said Edward Moya, senior market analyst with OANDA, in a note. Analysts polled by Reuters on average had expected a 1.1 million barrel drawdown in crude inventories.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
From COVID tongue to COVID toes, the disease may cause weird symptomsFrom head to COVID toe, doctors have seen a bevy of bizarre cases.
Weiterlesen »
Global stocks, oil prices slip as rising COVID cases prompt Chinese lockdownsGlobal stocks and oil prices slipped on Monday as a spike in COVID-19 cases and newly-recorded deaths in China prompted authorities in the world's second-largest economy to reinstate lockdowns, triggering worries over the impact on the economy.
Weiterlesen »
China COVID cases rise, markets on edgeOil prices also slipped on Monday amid investor concern over the economic fallout from the intensifying COVID situation in China, with the risk aversi
Weiterlesen »
Tesla stock rout accelerates over recall, Covid in China, Twitter chaos - AutoblogThe rout in Tesla shares is accelerating as a recall and signs of China’s return to Covid Zero curbs adds to investor concerns. And then there's Twitter.
Weiterlesen »
Gold retreats on news of China tightening COVID-19 restrictions in BeijingGold was adding to last week's losses on Monday as news of China's worsening COVID-19 outbreaks supported the dollar
Weiterlesen »
U.S. stocks open mostly lower amid China COVID lockdown concernsU.S. stocks opened mostly lower Monday, with the S&P 500 down modestly, amid concern over China's lockdown of a district in a southern city as it seeks to...
Weiterlesen »