Oil slumped today, influenced by cooler geopolitical stress and anxiety over Chinese demand, however the indications of low supply and the slipped inventories in the U.S gave some backup.

Brent Crude slipped 1.4% to $91.56, while WTI dropped 1.7% to $84.17.

The worries of fragile demand in the biggest oil importer worldwide are escalating and affecting the market.

Also, Covid-19 cases are surging in China according to today’s reports.

On the other hand, Chinese refiners requested to diminish the quantities of Saudi crude and the purchasing of Russian crude has been limited.

The Covid-19 matter in China may sound insignificant considering what is happening all over the world but it shall not be underestimated as the strict measures to combat the virus shall affect the oil demand.

Oil has been backed up by the released data of the U.S crude stocks that slipped by more than 5 million per barrel that went far beyond the expectations.