Brent crude pares gains, falls to $95

Oil drilling rigs

Brent crude closed lower today, Sept. 6, amid fears of demand risks from China and after the OPEC+ decision on supplies this week.

The black gold also came under pressure as the dollar ​​reached its highest level in 20 years against other major currencies.

Meanwhile, China’s adoption of fresh COVID-19 restrictions added to the drag.

Separately, Saudi Aramco announced a reduction in selling prices of crude oil to its customers in Asia, with demand in the region affected by the COVID-19 restrictions and a slowdown in economic growth.

OPEC+ group announced on Sept. 5 its decision to reduce crude oil production by 100,000 barrels per day in the month of October, which will revert supplies to the levels of last August.

In terms of trading, Brent crude fell 0.2% to close at $92.83 a barrel. While WTI crude rose slightly to close at $86.88 dollars a barrel.