Oil prices remain near their highest levels since the beginning of the year, after the reopening of borders, the easing of restrictions imposed to combat Covid, and the increase in demand for fuel in China.
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Oil prices are holding steady amid rising demand in the Chinese market
Oil prices fell today, Monday, but held near their highest levels since the beginning of the year, amid optimism that fuel demand will increase in China, the world’s largest crude importer, after the reopening of borders and the easing of restrictions imposed to combat Covid.
Brent crude fell $1.08, or 1.3 percent, to $84.2 a barrel by 20:41 GMT.
US West Texas Intermediate crude fell $1.01, or 1.3%, to $78.85 in weak trading during a public holiday in the United States.
Both benchmarks rose more than 8% last week, the biggest weekly gain since October, after China’s crude imports rose 4% year-on-year in December.
Analysts said that travel in China is recovering from its record low levels after the easing of COVID-19 restrictions, which led to an increase in demand for crude and oil products.
