Oil Down Over U.S. Price Cooler Measures, Weaker Chinese Fuel Demand

Investing.com – Oil was down on Friday morning in Asia over concerns that the U.S. would implement measures to cool prices. Investors were also concerned that the latest COVID-19 outbreaks in China could dent fuel demand in the country. Brent oil futures were down 0.18% to $28.09 by 10:24 PM ET (3:24 AM GMT) and crude oil WTI futures were down 0.38% to $81.66. However, both Brent and WTI futures are set to climb for a fourth consecutive week, with the black liquid supported by a tight supply market in Libya and Kazakhstan as well as a fall in U.S. crude inventories to 2018 lows. Meanwhile, China, the world’s second-largest oil consumer, re-imposed stricter measures in response to the latest COVID-19 outbreaks. The omicron COVID-19 variant has already spread from the city of Tianjin to Dalian.