In this regard, Chinese sources say that some exporters are trying to reduce crude imports due to the Corona lockdown.
Oil broker PVM’s Stephen Brink has said that even with the EU ban on Russian crude still in place, oil prices could still take a big hit at the end of this year.
Brent crude was down 36 cents, or 0.4 percent, at $89.42 a barrel at 1105 GMT, having previously touched a four-week low of $89.16, the foreign news agency reported. U.S. West Texas Intermediate (WTI) crude was down 4 cents at $81.60.
According to the report, both benchmarks are headed for weekly losses, with Brent on track to drop more than 6% while WTI is down 8%.
Despite the European Union’s ban on Russian crude on December 5 and OPEC Plus cutting supply, fears of a recession are looming.
The six-month Brent futures premium fell to $4.16 a barrel, the lowest since August, indicating less concern about future supplies.
The Fed is expected to hike rates by 50 basis points to 75 bp at its policy meeting on December 13 and 14, according to a Reuters poll.
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