Brent futures for February fell 26c to $83.00 a barrel, while US crude fell 26c to $78.70 a barre
Singapore — Oil prices dipped on Thursday as surging Covid-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer.
“The lack of clarity over the virus situation in China has prompted some new travel rules from various countries, which could serve as some dampener for previous optimism,” said Jun Rong Yeap, market strategist at IG. US crude oil inventories fell less than expected, by about 1.3-million barrels, in the week ended December 23, according to market sources citing American Petroleum Institute figures.
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