Oil prices drop on reintroduction of coronavirus restrictions in China

Energy
  • 31 October, 2022
  • 06:32
Oil prices drop on reintroduction of coronavirus restrictions in China

Global oil prices experienced a decline on Monday morning as markets are responding to new coronavirus restrictions in China, Report informs, citing the auction data.

The price of January futures for Brent dropped by 0.91% to $92.92 per barrel and December futures for WTI fell by 0.77% to $87.22.

Traders fear the decline in demand for oil due to the situation in China. Wuhan introduced quarantine on October 26-30 due to the new cases of coronavirus infection. The restrictions have a negative impact on oil prices, as they lead to economic slowdown and decline in fuel demand.