The price of oil fell after disappointing indicators in China and a rebound in the pandemic that threatens domestic demand in the Asian giant.
(Ecopetrol, with pre-covid production and net income of $26.6 billion).
Thus, the barrel of Brent from the North Sea for delivery in January 2023 fell 2.61% to 95.36 dollars in London. The barrel of West Texas Intermediate (WTI) for December, meanwhile, lost 3.14% to 88.91 dollars in New York.
“The bet on an upcoming reopening of China fell as covid cases multiplied in Guangdong province,” said Edward Moya of Oanda. “Fears of further lockdowns (in China, which has a zero covid policy), led to a drop in prices,” Energi Danmark analysts said.
(Why Petro says the world ‘gets by’ without oil and without coal).
The demand in China, one of the largest consumers of crude oil in the world, is particularly worrying the market after the reaffirmation of the policy against covid by the Chinese government.
“Optimism about an eventual reopening of China gave way to an understanding that any prospect of reopening could take months,” concluded Michael Hewson of CMC Markets.
Chinese exports had their first decline since 2020 in October due to the effect of sanitary restrictions.
AFP
