Oil eases as investors eye US oil release, China demand concerns

Oil eases as investors eye US oil release, China demand concerns

Brent crude futures fell 30 cents, or 0.4%, to $84.17 a barrel at 0150 GMT. U.S. West Texas Intermediate crude was down 45 cents, or 0.6%, at $81.67 a barrel.







Reuters









January 14, 2022 / 09:19 AM IST





Oil prices eased for a second session on Friday on growing concerns that Washington may soon act to cool prices, while movement controls in China to rein in a COVID-19 outbreak weighed on fuel demand.

Brent crude futures fell 30 cents, or 0.4%, to $84.17 a barrel at 0150 GMT. U.S. West Texas Intermediate crude was down 45 cents, or 0.6%, at $81.67 a barrel.

China, the No. 2 oil consumer globally, has suspended some international flights and stepped up efforts to rein in a virus outbreak at Tianjin while the highly transmissible Omicron variant has spread to the northeastern city of Dalian.

Many cities, including Beijing, have also urged people to stay put during the Lunar New Year holiday, which could cool demand for transport fuel during a peak travel season.

"Market is a bit toppish," said Avtar Sandu, a commodities manager at Phillip Futures in Singapore, adding that reports on the COVID-19 situation in