Oil prices fell on Thursday after China cut the first round of crude import allocations for 2022, offsetting the impact of data from the United States that showed demand for fuel has remained strong despite rising infections with oil. the Omicron variant of the coronavirus.
Crude futures Brent lost 52 cents, 0.7%, at $ 78.71 a barrel, while West Texas Intermediate oil futures (WTI) of the United States fell 59 cents, 0.8%, at $ 75.97 a barrel after six consecutive sessions of gains.
Oil prices trimmed their previous gains after China, the world’s top crude importer, cut the first batch of 2022 import quotas to mostly independent refineries by 11%.
“Market sentiment has been weakened by concerns that the Chinese government may crack down on kettles,” said an analyst from Singapore.
World oil prices have recovered between 50% and 60% in 2021, as demand for fuel rose again near pre-pandemic levels and deep cuts in production from the Organization of Exporting Countries of Oil and its allies (OPEC +) for most of the year erased excess supply.
Data from the US Energy Information Administration showed on Wednesday that oil inventories fell by 3.6 million barrels in the week ended December 24, more than analysts polled by Reuters had expected.
Oil prices were also supported by measures taken by governments to limit the impact of the record cases of Covid-19 on economic growth, such as easing test standards.
OPEC + will meet on January 4 to decide whether to continue increasing production in February. Saudi Arabia’s King Salman said on Wednesday that the OPEC + production deal is necessary for the stability of the oil market and that producers must abide by the pact.
