Brent falls on low trading volumes due to holidays on Chinese stock exchanges

World oil prices on January 26 morning changed in different directions, Report informs referring to the auction data.

Markets continue to evaluate supply and demand prospects while China’s stock exchanges are closed for the holidays.

The price of March futures for Brent crude fell by 0.1% to $86.03 per barrel, and for WTI rose by 0.16% to $80.28.

Trading in China is still not held due to the celebration of the New Year according to the lunar calendar. For this reason, the volume of trading before the opening of European trading floors is reduced. China is one of the largest importers and consumers of oil in the world.

At the same time, oil traders continue to assess the prospects for a Chinese economic recovery that could support demand and expect news from OPEC+ next week, when a ministerial monitoring committee is scheduled.

The weakening of the dollar also affects trading, the US dollar is depreciating against the yen by 0.3%. A cheaper dollar supports WTI oil prices.