Oil ends lower amid fears over China’s COVID surge, while U.S. inventories rise
Oil futures ended lower Thursday as expectations China’s loosening of COVID curbs would spark a rebound in demand gave way to worries that a surge in infections could weigh on the economy.
Also, official data showed an unexpected rise in U.S. oil inventories last week.
West Texas Intermediate crude for February delivery CL.1, -0.37% CL00, -0.37% CLG23, -0.37% fell 56 cents, or 0.7%, to close at $78.40 a barrel on the New York Mercantile Exchange.
February Brent crude BRNG23, -1.19%, the global benchmark, settled $1 lower,...