Brent crude fell 38 cents to $84.90 a barrel by 1012 GMT, while U.S. West Texas Intermediate crude was down 26 cents at $79.60
Oil prices held near this year’s highs on Monday as easing COVID restrictions in China raised expectations for a demand recovery in the world’s top crude importer.
Both contracts rose more than 8 per cent last week, the biggest weekly gains since October after China abandoned what remained of its zero-COVID policy by reopening its borders on Jan. 8. Traffic levels in China are rebounding from record lows after the easing of COVID-19 restrictions, resulting in stronger demand for crude and oil products, ANZ analysts said in a note.“While China’s outlook has turned a corner, it must be noted that the normalization of its oil demand will be gradual ... As things stand, China’s oil recovery remains anticipated rather than realized,” PVM analyst Stephen Brennock said.
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