Oil mixed as Chinese virus cases, lockdowns raise demand worries

15.01.2021 - Korneychuk Evgeniya
Oil mixed as Chinese virus cases, lockdowns raise demand worries

Oil prices were mixed on Friday as high Chinese import data, which boosted sentiment earlier, met difficulties with several Chinese cities put on lockdowns due to rising coronavirus cases.

Brent crude futures lost 3 cents to $56.69 per barrel following a 0.6% gain on Thursday. U.S. West Texas Intermediate crude rose 12 cents to $53.69 per barrel after climbing over 1% in the last session.

Producers are struggling to balance supply and demand amid vaccine rollouts and lockdowns worldwide. Financial contracts were also supported by stronger equities and a weaker dollar, pulling oil prices down.

China’s crude imports rose 7.3% in 2020. The country also posted its highest daily COVID-19 cases in over 10 months on Friday, ending a week that resulted in 28 million people under lockdown.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?