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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
View all Reports
Markets 3 MIN READ

Oil falls in choppy trade on mixed China COVID signals

November 7, 2022By Reuters
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BRIEF-Via Optronics Incorporates New Entity, Via Optronics Inc. December 14, 2021 Dollar higher on fresh inflation data, euro lower after ECB rate cut December 13, 2024 Oil steadies as traders await direction from US inflation data November 10, 2022

NEW YORK, Nov 7 (Reuters) – Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world’s top crude importer, potentially relaxing its strict COVID-19 restrictions.

Brent crude futures fell 65 cents to settle at USD 97.92 a barrel. Earlier in the session, they rose to a session high of USD 99.56 a barrel, the highest since Aug. 31.

US West Texas Intermediate crude dropped 82 cents to settle at USD 91.79. It earlier rose 74 cents to a session high of USD 93.74 a barrel, the highest since Aug. 30.

Prices climbed during the session on news that Chinese leaders are considering reopening the economy from strict COVID-19 restrictions but are proceeding slowly and have set no timeline, the Wall Street Journal reported, citing sources.

“The market seems to be thinking that if China opens the economy, that would tighten supply significantly and put further upward pressure on prices,” said Phil Flynn, an analyst at Price Futures Group.

However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures.

Meanwhile, China’s imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

Adding some price support, the US dollar sank against the euro on Monday and sterling was supported by risk-on sentiment and a rally in European stock markets. A weakening dollar makes greenback-denominated oil less expensive for other currency holders, helping push prices higher.

Oil prices have also been underpinned by expectations of tighter supplies when the European Union’s embargo on Russia’s seaborne crude exports starts on Dec. 5, even though refineries worldwide are ramping up output.

“For a lot of folks, it looks like there is going to be a scramble for barrels come December, in particular in the euro zone,” said Bob Yawger, director of energy futures at Mizuho in New York.

US oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity. China’s largest private refiner Zhejiang Petroleum and Chemical Co (ZPC), meanwhile, is raising diesel output.

Kuwait Integrated Petroleum Industries Co (KIPIC) said on Sunday the first phase of its Al Zour refinery had started commercial operations, the KUNA state news agency reported.

(Reporting by Stephanie Kelly; additional reporting by Rowena Edwards, Florence Tan and Mohi Narayan; Editing by David Goodman, Mark Potter, Josie Kao and Paul Simao)

 

This article originally appeared on reuters.com

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