Oil slips as Covid cases in China weigh on prices


Crude oil prices edged lower on Thursday as news of China’s mass testing for Covid-19 weighed on sentiment, overshadowing supply-side concerns of a modest US inventory build and looming risk of further Russian energy sanctions.

As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.35 (-0.33 percent) to reach 104.97 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $101.79 a barrel, down by $0.23 (-0.23 percent). The price for Opec basket was recorded at $105.33 a barrel with an increase of 2.32 percent.—TLTP