Crude fell for a second straight day on an uncertain demand outlook

News on December 29: International crude oil futures fell for the second consecutive session on Thursday due to uncertain
demand outlook.
As infections in China surged, some countries imposed restrictions
on Chinese travelers.

By the close, the West Texas Intermediate (WTI) February contract, the most actively traded West Texas Intermediate crude on the New York Mercantile Exchange (NYMEX), was down $0.
56, or 0.
7 percent, at $78.
40 a barrel
.

Brent crude futures, the global benchmark, for March ended down $0.
53, or 0.
6 percent, at $83.
46 a barrel
.

Later on Monday, China's Health Commission further lifted coronavirus restrictions, ending quarantine requirements
for inbound visitors from January 8.
But several countries, including Japan, India and the United States, have announced stricter quarantine rules
for tourists entering China.
Australia said it would not change quarantine requirements
for Chinese tourists.

Kapler analyst Matt ? Smith pointed out that crude oil futures trading is quiet
as the end of the year approaches.
The lifting of pandemic restrictions in China has helped improve the demand outlook, but the recent surge in infections has created uncertainty
for demand.

On Thursday, the U.
S.
Energy Information Administration (EIA) said U.
S.
crude inventories unexpectedly increased
last week as imports were in place and exports fell.
Giofani, an analyst at UBS? Staunovo said that despite the unexpected increase in crude oil inventory data, EIA's weekly report showed strong fuel demand and lower inventories of refined products, which provided positive support
to the market.

Crude oil futures fell more than 2 percent in early Thursday but helped crude rebound
from session lows as the dollar slid.

Analyst Clegg? Olam said there are many uncertainties
in the market right now.
The OPEC alliance may announce further production cuts, which will lead to a sudden change in fundamentals,

Canada's TC Energy said the pipeline, which carries 622,000 barrels of Canadian heavy oil per day to the United States, is already in service
weeks after a major oil spill at the Keystone pipeline in rural Kansas.

WTI crude is down 2.
67% this month and up 4.
24% year-to-date, and Thursday's closing price is up 1.
83%
year-on-year.
Brent crude is down 3.
71% so far this month and up 5.
76% year-to-date, and Thursday's closing price is up 3.
71%
year-on-year.
Both benchmark contracts rose more than 50% in 2021 as demand grew
due to tight supply.