WASHINGTON (dpa-AFX) - Crude oil prices settled sharply lower on Thursday amid concerns about the outlook for energy demand after China imposed fresh restrictions in several places following a surge in coronavirus cases in the country.
The dollar's sharp uptick following hawkish comments from the Federal Reserve weighed as well on crude oil prices.
West Texas Intermediate Crude oil futures for December ended lower by $1.83 or about 2% at $88.17 a barrel.
Brent crude futures were down $1.40 or 1.47% at $94.76 a barrel a little while ago.
China affirmed that a zero-tolerance approach continues to be the overall strategy in tackling Covid-19.
As Chinese health authorities reiterated adherence to the Zero-Covid policy, reopening hopes have faded now.
A private survey showing a slowdown in China's service sector activity in October contributed as well to concerns about energy demand from the world's second largest economy.
The Caixin services Purchasing Managers' Index fell to 48.4 in October from 49.3 in the previous month.
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