U.S. oil futures on verge of halting six-session streak of gains as China imports cut

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US crude oil futures were little changed on Thursday, stopping six days of gains, after reports that the world’s top importer China cut the first batch of crude import allocations for 2022, the impact of US data on Wednesday. Fuel demand was stopped. Despite the increase in Omicron coronavirus infections.

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S&P Global Platts, citing refining sources, said China’s commerce ministry has released 107.4 million metric tonnes in crude import quotas, a 9.4% drop from the same batch in 2021.

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Against that background, for West Texas Intermediate crude February delivery CLG22,
+0.47%

CL00,
+0.47%
US benchmarks rose 15 cents, or 0.2%, to $76.77 a barrel on the New York Mercantile Exchange, after rising 0.8% on Wednesday. According to Dow Jones market data, the contract recorded its longest gain since February 10 when the market edged up for eight consecutive sessions.

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February Brent crude BRNG22,
+0.06%
ICE futures shed 9 cents, or 0.1%, on Europe at $79.12 a barrel, after the price rose 0.4% for the global benchmark since November 25, the highest since November 25.

Crude oil inventories fell 3.6 million barrels in the week to December 24, data from the US Energy Information Administration showed on Wednesday. Gasoline and distillate inventories also fell, indicating that demand remains strong despite record COVID-19 cases in the United States.

Global oil prices are set to jump again between 50% and 60% in 2021 as fuel demand eases to pre-pandemic levels and production management by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) year. Most of the time the supply shortage has been eradicated. ,

OPEC+ will meet on January 4 to decide whether to continue increasing production in February.

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