February futures for Brent on the London ICE Futures exchange fell by $0.28 (0.32%) to $86.69 per barrel. The day before, the price of these contracts rose by 3.2% to $86.97 per barrel. The cost of January Brent futures, which expired on November 30, rose 2.9% during the session to $85.43 per barrel.
WTI futures for January at the New York Mercantile Exchange (NYMEX) fell by $0.22 (0.27%) to $80.33 per barrel. These contracts on November 30 rose in price by 3% and reached $80.55 per barrel.
At the same time, in November, the price of Brent fell by 9.9%, the price of WTI decreased by 6.9%, mainly due to investors’ fears caused by lower demand in China related to new lockdowns amid the coronavirus outbreak.
On November 30, however, the oil market was supported by the news that the Chinese authorities eased anti-COVID measures in a number of cities and provinces, including Beijing. Investors expect that Beijing will gradually abandon the policy of zero tolerance for the coronavirus after mass protests in the country earlier this week.
In addition, official data from the US Department of Energy showed a weekly decrease in oil inventories by 12.58 million barrels, to 419.08 million barrels. At the same time, experts expected a decrease in stocks by only 3.12 million barrels.
Market attention is gradually shifting to the OPEC+ meeting, which will be held on December 4. Some analysts expect that the alliance may decide to further reduce production quotas.
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