Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world's largest crude oil importer.
Brent futures for February fell 26 cents, or 0.3%, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, or 0.3%, to $78.70 a barrel.new travel rules
"Heading into 2023, there are chances for oil prices to rebound but it will still boil down to the pace of China's reopening, and whether market participants have priced for the growth risks as a trade-off to tighter central bank policies," he added. That compared with estimates for a draw of 1.5 million barrels, according to analysts' estimates. The U.S. government will release its weekly figures at 10:30 a.m. EST on Thursday.
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