Oil prices open lower on demand concerns as Covid-19 cases surge in China – The National

Oil prices open lower on demand concerns as Covid-19 cases surge in China – The National

Oil prices opened lower on Tuesday following a sharp decline in the previous session as investors worry about the short-term demand for crude.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.42 per cent lower at $92.75 a barrel at 10.18am on Tuesday. West Texas Intermediate, the gauge that tracks US crude, was down 0.7 per cent at $85.27 a barrel.

Crude futures declined by nearly 3 per cent on Monday after Opec slashed its 2022 and 2023 crude demand estimates again on suppressed growth in China — the world’s largest crude importer — and slowing global economy.