Business News Asia
Oil prices moved slightly today. Easing concerns about the impact of the Omicron strain on global growth and fuel demand drove market sentiment.
- WTI crude futures were up 69 cents, or 1.0%, to $72.36 a barrel.
- Brent crude futures were up 53 cents, or 0.7%, at $75.68 a barrel.
The price is under pressure because domestic air travel in China, which was the envy of the world after its rapid recovery during the pandemic, is now stumbling. Recurring COVID outbreaks in the country are leading to stricter travel regulations from Beijing. This is weakening consumer confidence.
Meanwhile, rating agency Fitch downgraded real estate developers China Evergrande Group and Kaisa Group to “restricted default” as they defaulted on foreign bonds.
This underscores fears of a slowdown in China’s real estate sector, which could spill over to the entire economy of the world’s largest oil importer.
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Monday, December 13, 2021