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Crude Oil Declines Slightly On China’s COVID Concerns -By ASC


Oil Prices Today: Crude oil is down as massive COVID testing begins in China

Oil prices fell lower in early Asian trade on Thursday as concerns about rising coronavirus cases in China, the world’s largest oil importer, weighed on futures markets.

The Chinese capital, Beijing, reported 48 new cases of symptomatic COVID-19 and 2 new cases of asymptomatic COVID-19 for April 27, state CCTV broadcasters reported on Thursday.

The city recorded 31 symptomatic cases the day before and three asymptomatic cases, as it embarked on a massive testing program aimed at curbing new outbreaks.

Brent crude futures fell 37 cents, or 0.4 percent, to $ 104.95 a barrel by 0006 GMT. US West Texas Intermediate crude futures fell 27 cents, or 0.3 percent, to $ 101.75 a barrel.

Authorities in Beijing continue to fight the COVID-19 outbreak and try to avoid the city-wide closure that has engulfed Shanghai for a month.

The city of Hangzhou in China with a population of 12.2 million, home to e-commerce giant Alibaba, will conduct a large-scale COVID test starting April 28, state media reported on Wednesday.

Adding support to the market are concerns about tight worldwide energy supplies following Russia’s invasion of Ukraine and subsequent sanctions imposed on Moscow by the United States and its allies.

Russian energy giant Gazprom said on Wednesday it was shutting down gas supplies to Bulgaria and Poland.

British major Shell said it no longer accepts refined oil blended with Russian products, according to trade documents, while Exxon Mobil said it had declared force majeure on its Sakhalin-1 operations in Russia’s far east.

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