Oil prices slip as China cuts import quotas | Reuters

Oil prices slip as China cuts import quotas | Reuters

Oil prices eased on Thursday after the world's top importer China cut the first batch of crude import allocations for 2022, offsetting the impact of U.S. data showing fuel demand had held up despite soaring Omicron coronavirus infections.

Brent crude futures fell 41 cents, or 0.5%, to $78.82 a barrel at 0755 GMT, down for the first time in four days. U.S. West Texas Intermediate (WTI) crude futures slid 33 cents, or 0.4%, to $76.23 a barrel after six straight sessions of gains.

Oil prices pared earlier gains after China, the world's top crude importer, lowered the first batch of 2022 import quotas to mostly independent refiners by 11% below the comparable year-earlier quota, industry sources said.

"Market sentiment weakened on worries that the Chinese government could take stricter actions against the teapots," a Singapore-based analyst said, referring to the independent refiners.