Oil extends losses as Chinese Covid 19 infections mount

2022-11-24 16:40PM UTC

Oil prices fell on Thursday despite calm trading with US crude extending losses as Covid 19 infections spread in China.


Chinese authorities extended its range of restrictions and closures on major cities, including Shanghai. 


Health authorities also recorded over 33 thousand infections in a single day in China, the world's largest crude oil consumer. 


However markets remain mostly calm amid the Thanksgiving holiday, as US markets close, both bonds and stocks.



For the time being investors will assess latest Fed statements and the latest meeting minutes to gauge next steps. 


US crude futures due in January fell 0.3% to $77.7 a barrel as of 16:23 GMT. 


Brent January futures fell 0.8% to $84.7 a barrel. 

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