Oil is falling after its biggest earnings streak since February as the market weighed in on a series of supply cuts against lower quotas in China, the world’s largest importer of crude, according to Bloomberg.
In particular, the crude type West Texas Intermediate February Delivery is currently at $ 75.99 a barrel, down 0.74%.
At the same time, press oil Brent March delivery moves to $ 78.63 a barrel, down 0.73%.
Crude comes under pressure on Thursday as China cuts its import quota to private refineries and favors complex processors as it seeks to reform the sector.
Beijing delivered 109 million tonnes, 11% less than last year, in the first batch for 2022, according to company officials who received the rights notice. The dollar also rose, making commodities traded in that currency relatively more expensive.
The holiday season has eased after a series of power outages in Ecuador, Libya and Nigeria, although flows from Nigeria’s Forcados terminal continued on Wednesday. U.S. crude stockpiles also shrank for a fifth straight week last week, according to the Energy Information Administration (EIA).
Crude is still on track for its biggest annual rise in more than a decade, with the market now largely shaking off the appearance of the Omicron mutation. Goldman Sachs Group Inc. predicts further gains in oil prices next year.
OPEC is scheduled to meet next week to assess the market situation and review supply policy by 2022.
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