The downward trend in the prices of oil futures persisted on Thursday as worries over the effects of China's loose COVID-19 policy seemingly proceeded to hurt the demand.
Namely, the global community was shaken following China's announcement that it would scrap a number of its virus-related measures, as the surge in cases brought into question the authorities' ability to tame further spreads. China's chief epidemiologist explained that the cold weather, coupled with pre-holiday travels, is making the outbreaks complex.
West Texas Intermediate (WTI) for settlements in February 2023 fell 1.39% to sell for $77.86 per barrel at 03:02 am ET, while Brent for the same month's deliveries declined 1.20% to go for $82.26 per barrel at 3:00 am ET.
