Oil fell to its lowest level since December last year amid unrest in Chinese cities.
Oil prices fall on information about ongoing protests in China against covid restrictions. On Monday, November 28, Bloomberg reported.
The wave of unrest in Chinese cities has “weakened the outlook for energy demand, adding to stress on a fragile global crude oil market,” it said.
The price of January futures for Brent oil on the London ICE Futures exchange at 7.10 Monday was 81.31 dollars per barrel, which is 2.32 dollars (2.77%) lower than the closing price of the previous session.
The futures price for WTI oil for January in electronic trading on the New York Mercantile Exchange (NYMEX) fell this time by $2.31 (3.03%), to $73.97 per barrel.
As a result of last week, Brent fell by 4.6%, WTI – by 4.8%.
“The outlook for the oil market remains unfavorable and this weekend’s developments in China do not add to the positive,” said Warren Patterson, head of commodity strategy at ING Groep NV in Singapore.
Recall that in many cities in China, due to severe restrictions against COVID, there have been actions. On Monday night, protest marches took place in Beijing, Shanghai, Chengdu, Chongqing, Wuhan and Nanjing.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.