Crude oil closes lower – China announces new COVID measures

Crude oil futures closed lower on Friday (Oct. 28) on concerns about Chinese oil demand after a new round of lockdown measures to control the spread of COVID-19 was announced.

  • WTI crude futures fell $1.18, or -1.3%, to $87.9 a barrel. This week, however, it has risen by almost 3.4%.
  • BREN crude futures fell $1.19, or -1.2%, to $95.77 a barrel, but were up 2.4% for the week.

Oil markets were pressured by concerns about a drop in oil demand in China after China announced a new round of lockdown measures to contain the spread of COVID-19. It spreads from Wuhan to China’s industrial route on the east coast.

The International Monetary Fund (IMF) has also lowered its forecast for Chinese economic growth this year from 4.4% to 3.2%, down from 8.1% growth in 2021.

The Spot Market is Closed

Saturday, October 29, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
12.15

88.38

-6.70

-0.79%

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