Oil prices decline, Brent below $92

Oil drilling rigs

Oil maintained its downward journey today, Nov. 17, as demand concerns persisted in line with rising COVID-19 cases in China and as geopolitical fears in Europe abated.

Brent crude was trading down 1.01% at $91.92 a barrel, at 9:12 am Makkah time. West Texas Intermediate (WTI) crude fell 1.27% to $84.50 a barrel.

Today, China’s National Health Commission reported 23,276,000 new COVID-19 cases, and, although the number is lower compared to other parts of the world, the country’s strict zero-COVID policy reinforces demand fears as infections increase.

Meanwhile, Russian oil shipments through the Druzhba pipeline to Hungary have resumed after a 24-hour halt, easing geopolitical tensions.

Separately, data released by the US Energy Information Administration showed an increase in oil exports in the US by about 341,000 barrels to reach 3.862 million barrels per day in the week ended Nov. 11. Imports declined by 895,000 barrels at 5.559 million barrels per day.