US West Texas Intermediate crude oil futures (CL1:COM) are the lowest since September 30, with the December contract. -2.2% up to $79.86/bbl; Brent crude (CO1: COM) also traded lower, -2.1% at $87.88/bbl.
ETFs: (NYSEARCA: WORK), (UCO), (BNO), (SCO), (USL), (DBO), (USOI), (NRGU)
There is little new news, but experts say the rise in COVID-19 cases in China has also fueled concerns about energy demand.
China’s State Council has warned cities to avoid the “reckless release” of COVID-19 measures, according to South China Morning Post.
The dollar was little changed on Friday following a three-month low earlier this week, but more hawkish rhetoric from Federal Reserve officials continued to support financial markets.
The risks of a recession have been weighing on the oil market recently despite the European Union’s curbs on Russia’s expansion and OPEC’s efforts to tighten.