Global oil prices fell slightly on November 10 after news of a new outbreak of coronavirus in China, Report informs referring to the auction data.
The price of January futures for Brent crude fell by 0.05% to $92.59 per barrel, December futures for WTI decreased by 0.07% to $85.77.
Bloomberg, citing a Chinese government statement, reported that the megacity of Chongqing, which is home to more than 32 million people, is grappling with its worst outbreak in more than a year with cases climbing to 753 on November 9 from just nine at the start of the month.
Schools and non-essential businesses in two districts have been shut and residents are being encouraged to stay at home unless they’re going out for necessities and work.
Chen Min’er, the Communist Party chief of the city, said the Covid situation is “very severe” and controlling it is the top priority, according to a government statement.
In addition, traders continue to evaluate data from the US Department of Energy on the growth of commercial oil inventories for the week by 3.9 million barrels. Growth was the highest since July 2021.