The world’s biggest importer of oil is battling a resurgence of the coronavirus in several cities, raising concerns about demand
London — Oil extended its losses for a fourth straight session on Thursday as renewed Covid-19 curbs in China raised concern about fuel demand in the world’s biggest crude importer.
“Chinese Covid-related demand woes, the reinvigorated dollar and a loose fourth-quarter oil balance could push prices further south,” said Tamas Varga of oil broker PVM. The downside could be limited with the EU ban on Russian oil and G7 price cap looming, he added. “While the narrative in recent weeks has focused on the potential for Chinese Covid restrictions to be relaxed ... the reality has seen case numbers soaring, restrictions reimposed and mass testing undertaken,” said Craig Erlam of brokerage Oanda.
The market came under pressure on Wednesday from a big increase in US crude inventories, which rose by 3.9-million barrels, taking stockpiles to their highest since July 2021.
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