Oil prices ease as pandemic outweighs Chinese and U.S. data

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Islam News – Oil prices dipped on Thursday as bullish signals from Chinese import data and U.S. crude oil stocks draws were outweighed by surging coronavirus cases in Europe and new lockdowns in China, as Reuters agency reported.

Brent crude oil futures fell 36 cents to $55.70 a barrel by 0917 GMT, while U.S. West Texas Intermediate (WTI) dropped 26 cents to $52.65.

Brent’s six-month backwardation, whereby contracts for later delivery are cheaper, fell to its lowest since Jan. 5, indicating bullish sentiment easing.

China, the world’s second-largest oil consumer, reported its biggest daily jump in new COVID-19 cases in more than 10 months as infections in a northeastern province nearly tripled.

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