New York’s West Texas Intermediate (WTI) crude futures closed lower on Friday (Oct 28), fueled by concerns about Chinese oil demand. After announcing a new round of blocking measures to control the spread of COVID-19
The WTI crude oil contract was delivered in December. It was down $ 1.18, or -1.3 percent, to $ 87.9 a barrel. But this week it increased by almost 3.4%.
Brent crude oil (BRENT) contract delivered in December. It fell $ 1.19, or -1.2%, to close at $ 95.77 a barrel, but was up 2.4% for the week.
Oil markets have been put under pressure by concerns about falling oil demand in China. After China announced a new round of blockade measures to curb the spread of COVID-19 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% from 4.4% after growing 8.1% in 2021.