Oil falling in price

Global oil prices declined on December 8 morning after rising an average of 3.5% a day earlier, according to trading data, Report informs citing Prime agency.

As of 9:22 a.m. (GMT+4), February futures for Brent crude fell 0.28% to $75.23 per barrel, January futures for WTI oil fell 0.33%, to $71.81.

The oil market saw a decline on December 8, following an average 3.5% rise in prices a day earlier, facilitated by easing concerns about the spread of the omicron strain.

However, according to ANZ analysts, quoted by the Wall Street Journal, oil may receive support from some short-term positive sentiment thanks to signs of increased demand.

Oil imports to China in November rose to a three-month high due to the allocation of new quotas for refiners, the experts added.

On December 8 night, the American Petroleum Institute (API) announced a decline in US oil reserves for the week through December 26 by 3.09 million barrels, while analysts expected an increase of 2.09 million barrels. Official data on reserves in the country for the last week will be later published by the US Department of Energy.