Oil Prices Fall After China Cuts Import Quotas

Published December 30th, 2021 - 09:31 GMT
Oil Prices Fall After China Cuts Import Quotas
Gasoline and distillate inventories were also down, despite analysts' forecasts for builds. (Shutterstock)

Oil prices retreated on Thursday after China cut the amount of crude oil import quota awarded to independent oil refiners by 11%.

Brent crude futures was down 41 cents, or 0.5%, to $78.82 a barrel at 07:55 GMT, down for the first time in four days. While U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.4%, to $76.23 a barrel after six sessions of gains.

"Market sentiment weakened on worries that the Chinese government could take stricter actions against the teapots," a Singapore-based analyst told Reuters, referring to the independent refiners.

Gasoline and distillate inventories were also down, despite analysts' forecasts for builds.

It's worth noting that OPEC+'s next meeting is scheduled on Jan. 4 and a decision whether to continue increasing output in February will be made.


© 2000 - 2022 Al Bawaba (www.albawaba.com)

You may also like