Oil prices fall due to low demand from China

World oil prices fell more than 1% Thursday morning as demand from China remains low, Report informs, referring to the auction data.

The price of January futures for Brent crude fell by 1.13% to $91.81 per barrel, while December futures for WTI dropped by 1.37% to $84.42.

The largest importer of crude - China - still adheres to the "zero" COVID policy, which implies a number of restrictions to contain the pandemic. Restrictions also apply to the movement of citizens, which leads to a drop in demand for fuel.