Oil prices fall slightly amid weak trading

Global oil prices on January 23 morning slightly declined, Report informs referring to the auction data.

The volume of trade is declining against the backdrop of the celebration of the New Year in Asia according to the lunar calendar.

The price of March futures for Brent crude fell by 0.4% to $87.28 per barrel, March futures for WTI decreased by 0.36% to $81.35.

Prior to the opening of markets in Europe and the US, trading volume is reduced as China and other East Asian countries celebrate the New Year, timed to coincide with the winter new moon. Markets in China, Hong Kong and South Korea are closed. China is one of the biggest consumers and importers of oil.

In general, investors continue to assess the prospects for demand from China amid expectations of a gradual recovery in the country’s economy. Last week, the head of the International Energy Agency (IEA), Fatih Birol, said that China is now the biggest uncertainty in the global oil market, and if its economy starts to recover in 2023, it will raise oil prices.