Oil dips on OPEC+ uncertainty; easing China COVID curbs limit losses

Oil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday's OPEC+ meeting, though easing COVID curbs at the world's top crude importer China capped price declines.

Brent crude futures fell 43 cents, or 0.5%, to $86.54 per barrel by 0740 GMT, while U.S. West Texas Intermediate crude futures eased 42 cents, or 0.5%, to $80.13.

The market is also bracing itself for the impact of European sanctions on Russian oil, the analysts added. While fresh outbreaks in China could weigh on activity in the near term, the International Monetary Fund said on Wednesday that there was scope for a safe recalibration of COVID policies that could allow economic growth to pick up in 2023.

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