New York West Texas Intermediate (WTI) crude futures ended lower on Friday (October 28), weighed down by concerns about Chinese oil demand. After announcing a new round of lockdown measures to control the spread of COVID-19
The WTI crude oil contract was executed in December. It was down $1.18, or -1.3 percent, at $87.9 a barrel. But it has risen almost 3.4% this week.
The Brent crude oil contract (BRENT) delivered in December. It was down $1.19, or -1.2%, to close at $95.77 a barrel, but was up 2.4 percent for the week.
Oil markets have been pressured by concerns about falling demand for oil in China. After China announced a new round of lockdown measures to curb the spread of COVID-19 It covers from Wuhan to China’s industrial routes on the east coast.
The International Monetary Fund (IMF) also lowered its forecast for China’s economic growth this year to 3.2 percent from 4.4 percent after growth of 8.1 percent in 2021.