Oil erases gains; Brent closes below $82

Oil drilling rigs

Oil turned lower at close today, Jan. 29, amid renewed concerns about demand, following a court order to liquidate property giant China Evergrande Group.

Brent crude for April delivery (the most active) fell 1.35%, or $1.12, to close at $81.83 per barrel, after rising to $84.17 during trading.

WTI crude for March delivery declined 1.6%, or $1.23, to $76.78 per barrel, after touching $79.29 during the session.

Moscow eased restrictions to allow ports to operate during major storms in order to maintain the pace of exports, amid bad weather conditions and the US, and European sanctions that limit revenues from Russian oil exports, Reuters reported.

Gasoline prices in the US rose 4.5 cents compared to last week, reaching an average of $3.07 on Jan. 28, after the closure of refineries due to cold weather led to an increase in wholesale prices, Oil Price reported.