Oil falls correctively after rising throughout outgoing week

Global oil prices fell on Friday morning after rising throughout the outgoing week.

Report informs, citing the auction data, that the price of March futures for Brent crude fell by 0.43% to $83.67 per barrel, and February futures for WTI dropped by 0.28% to $78.17.

The oil market sees a corrective decline in prices on Friday morning after Brent rose in price during the previous four trading sessions, and WTI grew for two straight trading sessions.

Oil traders were mostly optimistic this week due to the expectation of increased demand from China, as the country's authorities reduced anti-Covid restrictions.