Sharjah24 – Reuters: Oil prices inched lower on Tuesday, extending losses of 1% from the previous session as more extensive COVID-19 curbs in China increased fears of slowing fuel demand in the world’s second-largest oil consumer.
Brent crude for January delivery was down 4 cents at $92.77 a barrel at 0112 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%.
U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.2%, to $86.35 a barrel.
COVID-19 curbs in top crude oil importer China forced the temporary closure of Disney’s Shanghai resort on Monday, while production of Apple Inc iPhones at a major contract manufacturing facility could drop by 30% in November.
“With China sticking to the zero-COVID policy, the oil demand outlook overshadowed a record of U.S. oil export data from last week,” CMC Markets analyst Tina Teng said.
Strict pandemic restrictions have caused China’s factory activity to fall in October and cut into its imports from Japan and South Korea.
Also weighing on sentiment was the world’s largest independent oil trader Vitol saying that its sees signs of oil demand destruction, ANZ Research analysts said in a note.
