Oil prices were lower today, settling down as the US dollar traded higher and some Chinese cities reported record Covid rates. Prices had rallied on Friday when China announced that they would shorten their quarantine time for close contacts and inbound travelers. “The surge in COVID cases will only lead to more lockdowns in the near term\u2026for now China is not a source of bullish support for the petroleum complex,” said John Kilduff, partner at Again Capital LLC in New York. The US will allow India to purchase as much Russian oil as it wants, including at prices above a G7 imposed price cap as long as it stays away from western finance companies. WTI traded down $3.09 or -3.47% to close at $85.87. Brent traded down $2.85 or -3% to close at $93.14.<\/p>\n\n\n\n
Oil prices were lower today, settling down as the US dollar traded higher and some Chinese cities reported record Covid rates<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n