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Oil edges lower as mass COVID testing begins in China

China's capital Beijing reported 48 new symptomatic and 2 new asymptomatic COVID-19 cases for April 27, state broadcaster CCTV reported on Thursday.

April 28, 2022 / 06:36 AM IST
Representative image

Representative image

Oil prices edged lower in early Asian trade on Thursday as concerns about rising coronavirus cases in China, the world's biggest oil importer, weighed on futures markets.

China's capital Beijing reported 48 new symptomatic and 2 new asymptomatic COVID-19 cases for April 27, state broadcaster CCTV reported on Thursday.

The city recorded 31 symptomatic cases a day earlier and three asymptomatic ones, as it began a mass testing program aimed at containing a new outbreak.

Brent crude futures fell 37 cents, or 0.4%, to $104.95 a barrel by 0006 GMT. U.S. West Texas Intermediate crude futures fell 27 cents, or 0.3%, to $101.75 a barrel.