• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Wind droughts
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 7 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 hours Xi Is Set To Be Re-Elected As China’s Leader
  • 5 days Oil Prices Fall After Fed Raises Rates
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 20 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 13 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 10 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 13 days The Federal Reserve and Money...Aspects which are not widely known
Germany Unveils €200 Billion Package To Cap Soaring Energy Costs

Germany Unveils €200 Billion Package To Cap Soaring Energy Costs

German Chancellor Olaf Scholz announced…

Is This The Best Way To Play The Fuel Cell Market?

Is This The Best Way To Play The Fuel Cell Market?

Fuel cell vehicle technology is…

Lithium Is Up 220% And This Is What You Need To Know

Lithium Is Up 220% And This Is What You Need To Know

Lithium prices have soared in…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Tumbles As Chinese COVID Cases Rise

Oil prices tumbled more than 2.5 percent early on Friday, dragged down by concerns that oil demand in the world’s top oil importer, China, could falter amid rising COVID-19 cases and expanding lockdowns.

As of 9:35 a.m. ET on Friday, WTI Crude prices had slipped below $52 a barrel, and were trading down 2.60 percent at $51.73. The international benchmark, Brent Crude, had fallen below $55, with the price down 2.28 percent at $54.79.

Oil prices lost further ground on Friday from the 11-month high they had hit last week, when the Saudi surprise cut was still supporting gains.

This week, the price of oil rose on Tuesday and Wednesday, as the market expected the new U.S. Administration to “act big” in the next COVID relief package.  The U.S. dollar dropped after Treasury Secretary nominee Janet Yellen told the Senate Finance Committee on Tuesday that the U.S. should “act big” in the upcoming stimulus package. The weaker dollar made crude cheaper for holders of other currencies, while the overall bullish market sentiment also sent investors and speculators to riskier assets, such as shares and commodities.

However, oil prices slipped on Thursday, after the American Petroleum Institute (API) reported a build in crude oil inventories of 2.562 million barrels for the week ending January 15. Official EIA inventory data is expected later on Friday.

Before the EIA inventory report on Friday, oil prices were pressured by a stronger U.S. dollar, which makes buying crude more expensive for holders of other currencies.

The expanding lockdowns in China as COVID infections rise turned the sentiment bearish for the near term, as the market fears global oil demand this quarter could be weaker than anticipated just a week ago. Authorities in China are discouraging travel during the upcoming Lunar New Year holiday, while UK Prime Minister Boris Johnson said on Thursday it was too early to say how the situation in the UK would evolve, and suggested that some lockdowns and restrictions could remain in place until the summer.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News