World oil prices on Monday It fell more than a dollar in response to weaker-than-expected Chinese manufacturing data and concerns that the growing number of Covid-19 cases will reduce demand, Reuters writes.
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The price of “Brent” fell by $ 1.10 or 1.2% to $ 94.67 a barrel. On Friday, the price fell 1.2%.
US WTI fell $ 1.07, or 1.2%, to $ 86.83 a barrel. The price fell 1.3% on Friday.
However, despite this drop, both Brent and WTI prices will close this month with an increase for the first time since May – 7.7% and 9.3% respectively.
According to the survey data, manufacturing activity in China, the world’s largest importer of crude oil, unexpectedly contracted in October. Chinese crude oil imports fell 4.3% in the three quarters of this year from the previous year, the first decline in this period since at least 2014.
Chinese cities are activating Beijing’s zero-covid-19 policy as pandemic outbreaks rise, nullifying previous hopes of a recovery in demand.
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