SINGAPORE : Oil prices eased for a second session on Friday on growing concerns that Washington may soon act to cool prices, while movement controls in China to rein in a COVID-19 outbreak weighed on fuel demand.
Many cities, including Beijing, have also urged people to stay put during the Lunar New Year holiday, which could cool demand for transport fuel during a peak travel season. Nevertheless, Brent and WTI prices are set to climb for a fourth week in a row, supported by supply concerns in Libya and Kazakhstan and a drop in U.S. crude inventories to 2018 lows. Some investors are also optimistic that Omicron's impact on the global economy and oil demand will be short-lived.
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