Oil prices fell on Friday, but remained near a three-month high as fears of new restrictions on coronavirus in Shanghai offset steady demand for fuel in the US, which is the largest consumer.
Brent crude for August delivery fell 77 cents, or 0.6 percent, to $ 122.30 a barrel, while West Texas Intermediate fell 72 cents, or 0.6 percent, to $ 120.79 a barrel.
However, with prices rallying for the past two months overall, brent is on a weekly profit trajectory for the fourth consecutive week and wti for the seventh consecutive week.
New Shanghai pandemic restrictions raise concerns about demand in China “, announced Kazuhiko Saito of Fujitomi Securities.
“Once we start optimistic about Chinese demand with the lifting of restrictions, and the latest move to lockdown in some areas of Shanghai for mass testing, it is a reminder that there is no change in China’s coronavirus policy,” Kotak analysts said. Securities.
“If it continues to use restrictions to stop the spread, economic activity could be affected.”
China’s crude imports rose nearly 12 percent in May from a year low last year, though refineries continue to face high inventories with lockdowns in China and a slowdown in the fuel economy that weighed on last month.
Source: Capital
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