Another element at play points out hopes for higher Chinese demand and production cut down by the Organization of Petroleum Exporting Countries and its allies (OPEP₊).

Europe’s benchmark Brent crude fell 17 cents, 0,18%, to $92.56 a barrel, while West Texas Intermediate in the United States (WTI) rose 10 cents, 0,12%, to $84.60.

To fight inflation, the US Federal Reserve (Fed) is trying to slow down the economy and will continue to raise its short-term rate target, said FED’s president in Philadelphia, Patrick Harker.

China, the world’s largest importer of crude oil, is applying strict restrictions against Covid-19 this year, which is weighing on business and economic activity.