As the report that China was considering easing the Coffe-19-Quiet ban for tourists in light of inflation worries that limit the demand for oil receded, oil prices nearly steadied during Thursday’s tumultuous trading session.
Three cents were lost by Brent crude futures, which settled at $92.38 a barrel.
The price of US West Texas Intermediate crude jumped by 43 cents to $85.99 per barrel in November. American crude dropped one year to $84.51 a barrel for delivery in December.
Earlier, both prices were raised by more than $2 per barrel.
According to knowledgeable sources cited by Bloomberg News Agency on Thursday, suggestions that Beijing was considering cutting the quarantine period for visitors from ten to seven days supported the price of oil.
China, the biggest importer of crude oil, committed to this year’s rigorous Kofid restrictions, which had a significant impact on business and economic activity and decreased demand for fuel.
Prices also increased as a result of the impending embargo the European Union will impose on Russian crude and oil products, as well as a reduction in output by OPEC and its partners under the leadership of Russia, collectively known as OPEC+.
Early in October, OPEC+ members decided to cut production by two million barrels per day.
Oil prices stabilised as the batch’s impact waned due to demand in China in light of inflationary fears.
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