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Oil prices lose ground on China lockdown, demand concerns

by ChemOrbis Editorial Team -
  • 18/01/2021 (11:55)
Global crude oil futures tumbled by 2% on Friday, as the upsurge in new COVID-19 cases around the globe, including in China, outweighed the optimism over the fresh US stimulus package and the impact of Saudi supply cut. The pandemic measures raised questions over the recovery of demand outlook once again.

That being said, West Texas Intermediate (WTI) crude for February fell $1.21 to settle at $52.36/barrel on Friday. Similarly, global benchmark Brent oil for March delivery settled down $1.32 to $55.10 from its previous closing level on Thursday.

The downward pressure on the energy market has been extended into Monday, with both WTI and Brent crude oil futures trading nearly 1% lower during the intraday trading at the time of writing.
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