Oil Falls Marginally Amid Fears of New Closings in China

Oil prices fell marginally during today’s session, amid anticipation of the OPEC+ meeting next Thursday, as well as the US Federal Reserve meeting, which will reveal a lot about inflation expectations and economic recovery, which in turn will affect demand.

Brent crude futures for January 2022 delivery scored about $84.33 a barrel, down 0.33%, and US crude was about $83.43 a barrel, down 0.74%.

During the day, China’s data and movements were the main drivers of events, as China’s demands for families to store their food and basic needs sufficiently before the winter, worried people about the possibility of another closure during the winter, especially with the outbreak of the Coronavirus and the increase in cases and deaths globally and China has already taken Shutting down a number of counties, which raises concerns about demand.

This led to a decline in coal prices in Europe for delivery next year by more than 50 percent from its peak at the beginning of October, which reached 193 dollars, to record about 100 dollars now.