Oil prices fell 2%, with continued concern about Chinese demand

Friday, November 25, 2022 - 21:39
Point Trader Group

Oil prices fell by about 2% today, Friday, November 25, with a decrease in liquidity in the market, at the end of a week marred by concern about Chinese demand and controversy over the West’s placing a ceiling on the price of Russian crude

Brent crude futures fell $1.71, or 2%, to settle at $83.63 a barrel, giving up its early gains.

US West Texas Intermediate crude futures fell $1.66, or 2.1%, to record $76.28 a barrel. ‏

There was no settlement of WTI contracts on Thursday due to the Thanksgiving holiday in the United States and trading volumes remained low.

"Because volume is thin after the holiday, we gave up some of the gains here to some extent," said Phil Flynn, analyst at Price Futures Group.

Both contracts recorded their third consecutive weekly decline, after reaching their lowest levels in ten months this week. Brent ended the week down 4.6%, while WTI fell 4.7%.

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