Oil falls as China’s Evergrande credit rating downgrades

Oil prices are falling under the influence of anti-Omicron government measures and credit rating downgrades of Chinese real estate developers Evergrande and CAISA.

  • Oil falls as credit rating downgrades to
    Oil falls as the credit ratings of two Chinese real estate developers were downgraded

Oil prices fell on Thursday, due to concerns about the economic outlook for China, the world’s largest oil importer, in the wake of downgrades of the credit ratings of two of its real estate developers, and after governments took measures to combat the “Omicron” strain of the Corona virus.

Brent crude futures fell $1.40, or 1.9%, to settle at $74.42 a barrel, retreating from the session’s high of $76.70.

The futures contracts for US light crude were not better than the previous one, as they also fell by $1.42, equivalent to 2%, to settle at $70.94 a barrel, after hitting a peak of 73.34% during the session.

Today, Thursday, the credit rating agency, Fitch, downgraded the two Chinese real estate developers, “Evergrand” and “Caesa”, saying that they had defaulted on bonds abroad, while a source said that “Cassia” had begun work on restructuring its foreign debt. $12 billion.

This news raised concerns about China’s GDP growth, which may eventually lead to a decline in demand for oil in the world’s largest importer.

There are also concerns that the new mutated strain “Omicron” may weaken the global economic recovery as governments step up measures to contain it.

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