Commodity retreats from three-week high as hopes for a fuel demand boost ease
London — Oil prices fell on Wednesday on concerns that rising Covid-19 cases in China, the world's top oil importer, will disrupt its economic recovery and fuel demand growth as it unwinds its pandemic restrictions.
China said it will stop requiring inbound travellers to go into quarantine starting from January 8, a major step towards relaxing stringent curbs on its borders. Oil refiners in the US on Tuesday were working to resume operations at a dozen facilities knocked offline by freezing weather across much of the country, a recovery that in some cases will stretch into January.
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