LONDON—Oil prices fell on Wednesday on concerns that rising COVID-19 cases in China, the world’s top oil importer, will disrupt its economic recovery and fuel demand growth as it unwinds its pandemic restrictions.
Brent futures for February delivery fell 78 cents, or 0.9 percent, to $83.55 a barrel, by 0900 GMT. U.S. crude fell 75 cents, or 0.9 percent, to $78.78 per barrel.
Both benchmarks fell by over $1 per barrel earlier in the session after rising to their highest in three weeks on Tuesday on hopes for a fuel demand boost.
China said it will stop requiring inbound travelers to go into quarantine starting from Jan. 8, a major step towards relaxing stringent curbs on its borders….