Crude has surged in 2022, with Brent hitting US$139, its highest since 2008, in early March as Russia’s invasion of Ukraine exacerbated supply concerns
Brent crude futures slipped US$1.32, or 1.2%, to US$106.19 a barrel by 0646 GMT. WTI crude futures fell US$1.52, or 1.4%, to US$104.19 a barrel
Brent crude futures rose 88 cents, or 0.8%, to US$108.47 a barrel by 0639 GMT after gaining 2.1% in the previous session
Oil prices dropped on Thursday on caution about dwindling fuel demand in China, the world’s biggest oil importer, due to the economic impact of COVID-19 restrictions.
The lockdowns, which now look set to intensify, are causing supply chain issues, port congestion and factory closures, resulting in a sell-off of Chinese stocks.
Brent crude futures climbed US$1.42 or 1.4%, to US$102.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose US$1.55, or 1.6%, to US$97.78 a barrel
Brent crude futures were up 49 cents, or 0.5%, at US$107.13 a barrel as of 0657 GMT, having fallen to US$105.06 earlier in the session
Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec
The global benchmark of Brent crude hit $139.13 a barrel at the start of trading on Monday, 7th March, 2022