Oil falls as China continues zero-tolerance policy for COVID

Global oil prices decreased on November 16 morning as investors took a negative view of China’s ongoing ‘zero COVID’ policy, Report informs referring to the auction data.

The price of January futures for Brent crude fell by 0.59% to $93.31 per barrel, December futures for WTI fell by 0.75% to $86.27.

Negative dynamics is observed on the oil market on November 16 morning, as anti-COVID measures in one of the biggest economies in the world, China, continue to negatively affect the economic condition of the country and the demand for oil and oil products.