Oil was lower today as Covid cases in China continue to surge as the country moves to ease pandemic restrictions. China has stopped requiring inbound travelers to quarantine, a big step toward normalization. Market participants are also forecasting more rate hikes to come as the Fed tries to limit inflation. “My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity,” said UBS analyst Giovanni Staunovo. Trading volumes are light with it being a holiday week. WTI traded down $.57 or -.7% to close at $78.96. Brent traded down $1.07 or -1.3% to close at $83.26.
