Oil Prices slumped today as the anxiety on demands is currently intense due to China’s strict procedures in combating Covid-19, but prices remained close to $100 per barrel supported by the dollar weakness.

Brent Crude futures dropped by 0.4% to $98.18 per barrel while U.S. West Texas Intermediate crude fell 0.51% to $92.14.

Each contract has declined by more than $1 per barrel during the previous session, this came following the Chinese health officials’ announcement last week-end asserting their intense efforts towards maintaining Covid-19 measures to combat its spread, and that quashed hopes that oil demands could bounce under such circumstances.

Oil prices have been reinforced by low supplies forecasts as the European Union will start its sanctions on Russia’s crude exports on the 5^th of December, although refiners all over the world are boosting output.

This quarter, US oil refiners will operate their factories at extremely fast rates, close or more than 90% of the capacity, while China’s largest refiners is working on uplifting the diesel output.