Oil prices dip on China demand worries

• Oil prices slipped on Tuesday, November 8, as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand.
• Brent crude was down 93 cents, or 1%, at $96.99 a barrel, while U.S. West Texas Intermediate (WTI) crude was $1.16, or 1.3%, lower at $90.63.
• Both benchmarks hit their highest since August on Monday amid reports that leaders in China were weighing an exit from the country's strict COVID-19 restrictions.
• However, new coronavirus cases have surged in Guangzhou and other Chinese cities, dimming the outlook for fewer restrictions.
• "It is worth recalling that China’s zero tolerance towards flare-ups of COVID infections was the main reason behind last month’s sizeable downward revision in the world’s oil demand by the International Energy Agency," said PVM analyst Tamas Varga.

(Source: Reuters)