Oil softened on worsened COVID-19 outbreak in China

International benchmarks for crude oil settled lower on Wednesday, 28 December 2022 as investors became concerned over the worsening outbreak in China that might keep demand in the world’s largest oil importer softer for longer despite the easing of the Zero-Covid policy. Besides, trading volume was lighter during the final week of the year.

Brent dropped $1.07 or 1.3% to close at $83.26/barrel.

WTI dropped 57 cents or 0.7% to close at $78.96/barrel.