Had to go up because of the US, oil prices fell again because of China

thecekodok

 News of China's widespread Covid-19 restrictions unsettled oil traders again, making trading in the black commodity gloomy on Friday.


Heading into the European session, Brent crude oil futures were down 0.9% at $93 a barrel, while US WTI traded down 1.1% at $87 a barrel.


However, both benchmarks maintained weekly gains to end the week with Brent up over 2% and US WTI up 3%.



The black commodity previously rose following an encouraging reading in the US gross domestic product (GDP) data in the third quarter.


Even so, prices fell again following reports of Covid-19 restrictions coming back into force in several Chinese cities, leaving millions of people locked out.


China reported 1,506 infections on October 27, the National Health Commission said on Friday, up from 1,264 new cases a day earlier.


With millions of people back under lockdown, markets are now worried that demand from the world's main oil consumer will continue to decline.

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