Brent closed at 77.46 dollars per barrel, with a fall of 2.38%. During the session, Brent reached its lowest level since January 3.
“Crude prices fell as energy traders quickly abandoned bullish bets that we will see prices rise once the Russian limit for crude oil is set. It seems that oil markets are only concerned about a deterioration demand outlook,” said Edward Moya, a senior analyst at OANDA.
US distillate stocks rose 6.2 million barrels, according to the Energy Information Administration, far exceeding estimates of a 2.2 million-barrel build. Gasoline inventories rose 5.3 million barrels, versus expectations for a 2.7 million-barrel build.
The increase in fuel reserves offset the 5.2 million barrel reduction in crude reserves.
China, for its part, announced the most radical changes to its anti-Covid-19 regime since the start of the pandemic, while RIA quoted the Russian Deputy Foreign Minister as saying that Moscow was concerned about the accumulation of oil in the Bosphorus Strait.
Chinese crude oil imports rose 12% in November from a year earlier and reached their highest level in 10 months, according to available data.