Crude oil prices continued to be under pressure ahead of the weekend with US WTI trading re-trading below $ 53 a barrel amid market concerns over weak demand and rising supply.
In the Asian session, Brent crude futures fell 1.2% to $ 55.40 a barrel, while the US WTI fell 1.3% to $ 52.42 a barrel.
The recovery in fuel demand in China has previously supported rising prices since the end of last year while the United States and Europe are still lagging behind. However, the support factor faded after coronavirus cases increased in China.
A new wave of coronavirus infections in China, forcing re-restrictions to be implemented ahead of the new year celebrations, has put the crude oil market under pressure following concerns over potentially affected demand.
In terms of supply, the American Petroleum Institute (API) reported the largest increase in a month in U.S. crude oil inventories.
Investors are now awaiting the release of official government data from the Energy Information Administration (EIA) which is expected to record a drop of 1.17 million barrels in US crude oil stocks last week.
