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Market News WTI Oil Drops 4.5% On Demand Worries

WTI Oil Drops 4.5% On Demand Worries

The price of natural gas increased near $4.20. At $1865, gold encountered resistance.

Skylar Shaw

2023-01-05

494

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WTI Oil Retreaches as Traders Worry About Falling Chinese Demand

It is unclear what is going on in China as a result of the country's abrupt cessation of timely data delivery about the coronavirus situation. According to some commentators, China's hospitals are overcrowded.

The fact that China is such a significant source of oil demand is making oil bulls uneasy. Oil prices would come under further pressure if China's economy encounters new issues as a result of the significant number of coronavirus infections in the nation.