Since the late 1990s, China has been the big beast in the global oil markets, driving demand for oil and other commodities that it used to power double-digit economic growth every year for many years and then high single-figure growth for years after that.
The narrative that the world will be able to quickly and effectively move away from fossil fuels has been majorly undermined this year.
U.S. West Texas Intermediate (WTI) crude fell 22 cents, or 0.2% to US$120.71 a barrel at 0353 GMT, while Brent crude futures eased 25 cents, or 0.2%, to US$122.02 a barrel
Brent crude futures for July were up US$1.32, or 1.2%, at US$110.43 a barrel at 0700 GMT, after falling by more than US$1 earlier in the session
Oil prices edged up on Wednesday on expectations that easing COVID-19 restrictions in China will push up demand and as industry data showed drawdowns in U.S crude inventories. Brent crude was up 23 cents, or 0.2%, at US$112.16 a barrel at 0633 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 71 cents, or 0.6%, to […]