UK motorists feel relief as prices crash to £75 amid China Covid scare

There was good news for beleaguered UK motorists as oil prices crashed to £75 on Wednesday. However, it is unclear if the fall in oil prices will have any impact at the pumps where petrol and diesel prices remain high despite some fluctuations.Oil prices sank by roughly $3 a barrel on Wednesday after industry data showed that US crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would negatively impact fuel demand.Brent crude futures settled at $92.65 (£81.24) a barrel, decreasing by $2.71, or 2.8 percent.US West Texas Intermediate (WTI) crude futures settled at $85.83 (£75.26) a barrel, dropping $3.08 or 3.5 percent.US gasoline stocks decreased by 900,000 barrels in the week to 205.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a drop of 1.1 million barrels. A petrol station in London (Image: Getty Images )Biden just blamed oil companies for high gas prices due to lack of oil refinery capacity but it is Biden who is blocking the retrofitting of a major oil refinery in the Virgin Islands & it was Biden who 3 days ago yelled to a climate activist, “There is no more drilling!” pic.twitter.com/fUCuLRAwoU- Michael Shellenberger (@ShellenbergerMD) November 10, 2022 Distillate stockpiles, which including diesel and heating oil, fell by about 500,000 barrels, a smaller-than-expected decline.Jim Ritterbusch, of Ritterbusch and Associates said concerns about the lack of Chinese economic growth was hurting prices.He said: “Adding to downside pressure is the continued concerns over the future Chinese economic growth path that could prompt adjustment of global oil demand views.”US crude in storage jumped by 3.9 million barrels last week to 440.8 million barrels as oil production increased to about 12.1 million barrels a day, US Energy Information Administration data showed.READ MORE: Spain demands Brussels changes post-Brexit rules for UK holidaymakersBiden admin abusing US strategic oil reserves to lower gas prices before midterms & pleading with Saudis to delay supply cut announcement until after midterms, are latest examples of Dem leadership deceit & putting the interests of their party before the interests of American ppl- Tulsi Gabbard ������ (@TulsiGabbard) November 9, 2022 Venezuela’s Maduro before: US wanted list in 2020 ( $15 million reward for his capture)Now with oil prices so high: Besties with John Kerry in 2022. Video from Egypt today at #COP27 ������sound…������pic.twitter.com/2LrmGPv5GR- Wall Street Silver (@WallStreetSilv) November 9, 2022 Analysts in a poll by Reuters had predicted a stockpile rise of 1.4 million barrels.US gasoline stocks decreased by 900,000 barrels in the week to 205.7 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a drop of 1.1 million barrels.Last week, the market and investors started to believe that China might be moving toward relaxing COVID-19 restrictions, but over the weekend health officials said they would stick to their “dynamic-clearing” approach to new infections.COVID-19 cases in Guangzhou and other Chinese cities have rapidly increased with millions of residents of the global manufacturing hub being required to have COVID-19 tests on Wednesday.DON’T MISS: Inside the final moments of Britain’s last executions [REVEAL] Explosion in Plymouth city centre sparks huge emergency response [INSIGHT] Mother’s anger after neighbour tells her ‘limit child’s time outside’ [SPOTLIGHT] Stephen Innes, managing partner at SPI Asset Management, said that the possibility of decreasing demand in both China and the US would have a negative impact on prices.She said: “With that (China reopening) narrative getting pushed back, coupled with a considerable build on U.S. inventory data, implying dimming US demand, the recessionary crews are back out in full force this morning in Asia.”