Oil prices fell on Wednesday on concerns that rising COVID-19 cases in China, the world’s top oil importer, will disrupt its economic recovery as it unwinds its pandemic restrictions, limiting fuel demand growth.<\/P>
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Brent futures for February delivery fell 68 cents, or 0.8%, to $83.65 a barrel, by 0710 GMT. U.S. crude fell 46 cents, or 0.6%, to $79.07 per barrel.<\/P>
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Both benchmarks rose to their highest in three weeks on Tuesday on hopes for a fuel demand boost after the country said it will stop requiring inbound travellers to go into quarantine starting from Jan. 8, a major step towards relaxing stringent curbs on its borders.<\/P>
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But Chinese hospitals have been under intense pressure due to a surge in COVID-19 infections as the country moves towards treating the virus as endemic.<\/P>
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“Even after China eased COVID restrictions, it is difficult for demand to recover in a short time due to the rapid decline of people’s outdoor activities due to the massive infection (numbers),” said Leon Li, an analyst at CMC Markets.<\/P>
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Oil refiners in the U.S. on Tuesday were working to resume operations at a dozen facilities knocked offline by freeze weather across much of the country, a recovery that in some cases will stretch into January<\/P>
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Source: National News Agency – Lebanon<\/P>
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