Oil prices fluctuate amid easing of Covid curbs in China and recession concerns – The National

Oil prices fluctuate amid easing of Covid curbs in China and recession concerns – The National

Oil prices fluctuated on Monday as investors considered the improved demand outlook following the easing of Covid-19 curbs in the Chinese city of Chengdu, against recession fears hitting fuel demand — amid high inflation and rising interest rates.

Brent, the benchmark for two-thirds of the world’s oil, was trading 1.23 per cent lower at $90.23 a barrel at 12.39pm UAE time. Meanwhile, West Texas Intermediate, the gauge that tracks US crude, was down 1.53 per cent at $83.81 a barrel.

Oil prices rose in the early trade as China, the world’s top importer of crude, began easing Covid-19-related movement restrictions in Chengdu. This is the capital of the south-western Sichuan province and has a population of more than 21 million.