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Oil market eased as investors gauged the near-term outlookOil market eased as investors gauged the near-term outlook |
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International benchmarks for crude oil slipped slightly in a thin trade on Monday, 16 January 2023 following the COVID-19-related death report in China over the weekend that triggered concerns over the near-term demand outlook. Also weighed on the sentiment was the comment from the UAE’s energy minister saying the market is balanced at the moment. The losses, however, were capped as investors leveraged the bullish report on China’s crude imports in December, which showed a 4% growth year-on-year.
Brent observed a 0.97% or 82 cents decrease, closing at $84.46.
WTI was closed for a holiday in the US.
