(RTTNews) – Following the surge seen in the previous session, crude oil prices saw considerable volatility during trading on Monday.
Crude for December delivery saw early weakness before rebounding to a more than two-month high of $93.74 a barrel.
Buying interest faded, however, and crude for December delivery pulled back and ended the day down $0.82 or 0.9 percent at $91.79 a barrel.
The decrease on the day came after crude for December delivery spiked $4.44 or 5.0 percent to $92.61 a barrel last Friday.
The volatility on the day came amid uncertainty about the outlook for Chinese energy demand amid conflicting reports about the country’s Covid policies.
“Oil’s early boost from a weakening dollar could not last as energy traders debate whether optimism was premature over an easing of Covid rules in China,” said Edward Moya, senior market analyst at OANDA. “Chinese officials continue to push back on the idea a relaxation in Covid rules is coming.”
He added, “Crude prices still seemed destined for a move above the $100 a barrel level but that might have to wait until we see a clear peak in cases.”
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