{"id":28519,"date":"2022-10-28T15:51:16","date_gmt":"2022-10-28T15:51:16","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns"},"modified":"2022-10-28T16:46:25","modified_gmt":"2022-10-28T16:46:25","slug":"oil-declines-over-demand-fears-as-china-applies-lockdowns","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns","title":{"rendered":"Oil declines over demand fears as China applies lockdowns"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil fell on Friday as a result of new pandemic restrictions in China, while looming EU sanctions on Russian oil exports weighed on market sentiment, limiting further price losses.<\/p>\n

International benchmark Brent crude traded at $93.81 per barrel at 10.10 a.m. local time (0710 GMT) for a 1.29% decrease from the closing price of $95.04 a barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at $87.64 per barrel at the same time for a 1.62% loss after the previous session closed at $89.08 a barrel.<\/p>\n

Several cities, including Wuhan in China, the world’s second-largest oil-consuming country, have been placed under lockdown as part of the country’s zero-covid policy.<\/p>\n

Restrictions include locking down more than 800,000 people in one district in Wuhan until Oct. 30. It comes as China recorded more than 1,000 cases for the third day in a row. The fresh measures also apply to Zhengzhou, home to the world’s largest iPhone manufacturing plant.<\/p>\n

On Thursday, the European Central Bank hiked rates by 75 basis points, its third major consecutive increase to tackle record eurozone inflation, triggering fears that the global recession will reduce oil demand.<\/p>\n

“Inflation remains far too high and will stay above the target for an extended period,” the bank was quoted as saying in a statement.<\/p>\n

In September, euro area inflation hit 9.9%, with soaring energy and food prices, supply bottlenecks and the post-pandemic demand recovery causing price pressures.<\/p>\n

Prices were suppressed further after an unexpected build in the US crude oil stockpiles.<\/p>\n

US commercial crude oil inventories far exceeded expectations with a rise of 2.6 million barrels to 439.9 million barrels during the week ending Oct. 21 against the market expectation of around a 200,000-barrel rise, according to data released by the Energy Information Administration on Wednesday.<\/p>\n

Meanwhile, record-high US crude exports limited the drop in oil prices. Crude oil exports rose by around 991,000 barrels per day (bpd) to 5.12 million bpd last week.<\/p>\n

Investor concerns over a lack of supplies, on the other hand, limited losses as EU nations prepare to sanction Russian oil exports in response to the latter’s assault on Ukraine.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Oil fell on Friday as a result of new pandemic restrictions in China, while looming EU sanctions on Russian oil exports weighed on market sentiment, limiting further price losses. International benchmark Brent crude traded at $93.81 per barrel at 10.10 a.m. local time (0710 GMT) for a 1.29% decrease from the closing […]<\/p>\n","protected":false},"author":84,"featured_media":28518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-28519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nOil declines over demand fears as China applies lockdowns - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil fell on Friday as a result of new pandemic restrictions in China, while looming EU sanctions on Russian oil exports ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil declines over demand fears as China applies lockdowns\" \/>\n<meta property=\"og:description\" content=\"Oil fell on Friday as a result of new pandemic restrictions in China, while looming EU sanctions on Russian oil exports ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-28T15:51:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-28T16:46:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/10\/postQueueImg_8-635c071f43ff9.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil declines over demand fears as China applies lockdowns\",\"datePublished\":\"2022-10-28T15:51:16+00:00\",\"dateModified\":\"2022-10-28T16:46:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns\"},\"wordCount\":364,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/10\/postQueueImg_8-635c071f43ff9.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-declines-over-demand-fears-as-china-applies-lockdowns\",\"name\":\"Oil declines over demand fears as China applies lockdowns - 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