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Oil Decreases As China COVID Restricted Trump's U.S. Output Raise Concerns

Charlie Brooks

Oct 31, 2022 14:24

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On Monday, oil prices declined due to concerns that extending COVID-19 limitations in China may reduce demand, offsetting signs that production at the leading U.S. shale field is decreasing.


Monday at 01:51 GMT, Brent crude futures decreased 36 cents, or 0.4%, to $95.41 a barrel, following a 1.2% decline on Friday.


Following a loss of 1.3% on Friday, U.S. West Texas Intermediate (WTI) crude traded at $87.67 per barrel, a decline of 23 cents, or 0.2%.


Stephen Innes of SPI Asset Management stated that extending COVID limitations in China often creates concerns regarding crude oil consumption from the largest crude importer in the world.


As COVID infections spread, Chinese municipalities are enforcing Beijing's zero-COVID policy, diminishing the likelihood of a demand rebound.


Despite this, WTI continues to be supported by warnings from major U.S. producers that productivity and volume gains in the Permian Basin, the nation's largest shale production region, are slowing.


The warnings were given during the same week when U.S. oil exports reached an all-time high, which contributed to a 3.4% spike in WTI prices. Brent gained 2.4% last week, its second weekly increase in a row.


Separately, on Sunday, People's Bank of China Governor Yi Gang reaffirmed the central bank's existing policy goals of preserving sufficient liquidity and extending lending support for the real economy.


According to two OPEC sources, the Organization of Petroleum Exporting Countries is expected to retain its position that oil demand will climb for another decade despite the growing use of renewable energy and electric vehicles.


In the meantime, the large profits of global oil giants such as Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CV) have reignited calls for windfall taxes.

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