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Oil prices fall 2% as Chinese demand worries linger

China, the world's top oil importer, on Friday reported a new daily record for COVID-19 infections, as cities across the country continued to enforce mobility measures and other curbs to control outbreaks

November 26, 2022 / 07:31 AM IST
(Representative image)

(Representative image)

Oil prices fell 2 percent on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.

Brent crude futures settled down $1.71, or 2 percent, to trade at $83.63 a barrel, having retraced some earlier gains.

US West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1 percent, at $76.28 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday and trading volumes remained low.

"Because there's light volume after the holiday, we're giving up some of the gains here a bit," said Phil Flynn, an analyst at Price Futures group.