Millions in Chinese manufacturing hub taking COVID tests
U.S. crude stockpiles rise more than forecast
Coming up U.S. inflation data
LONDON, Nov 10 Reuters Oil extended losses on Thursday for a fourth consecutive session as renewed COVID curbs in China raised concern about fuel demand in the world39;s biggest crude importer.
China is battling a rebound in infections in several economically vital cities, including the capital Beijing. In the manufacturing hub of Guangzhou, millions of residents were told to get tested for COVID19 on Wednesday.
Chinese COVIDrelated demand woes, the reinvigorated dollar and a loose fourthquarter oil balance could push prices further south, said Tamas Varga of oil broker PVM. The downside could be limited with the European Union ban on Russian oil and G7 price cap looming, he added.
Brent crude was down 27 cents, or 0.3, to 92.38 a barrel at 0903 GMT. U.S. West Texas Intermediate WTI crude was down 33 cents, or 0.4, at 85.50.
While the narrative in recent weeks has focused on the potential for Chinese COVID restrictions to be relaxed …the reality has seen case numbers soaring, restrictions reimposed and mass testing undertaken, said Craig Erlam of brokerage OANDA.
Crude surged earlier this year as Russia39;s invasion of Ukraine raised concern about supply, with Brent coming close to its alltime high of 147. Prices have since fallen on concern of recession and Brent has dropped more than 6 this week.
The market came under…