Oil prices fall as China signals no change to zero-Covid policy – The National

Oil prices fall as China signals no change to zero-Covid policy – The National

Oil prices fell in morning trading on Monday after China, the world’s largest crude importer and second-biggest economy, reiterated its commitment to its zero-Covid policy, which has weighed on oil demand.

Brent, the benchmark for two thirds of the world’s oil, was 1.3 per cent lower at $97.29 a barrel at 11.37am UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 1.59 per cent at $91.14 a barrel.

Oil prices surged to a two-month high on Friday on reports that Beijing was planning to end a regulation that imposes a penalty on airlines for bringing virus cases into the country.