Oil stable near $100 a barrel as dollar weakens - Reuters

LONDON, Nov 7 (Reuters) - Oil prices were unchangeable connected Monday, adjacent to $100 a tube arsenic enactment from a weaker dollar and recovering Chinese crude imports met renewed request concerns linked to China's stringent COVID containment approach.

Brent crude futures were down 1 cent, oregon 0.1%, to $98.56 a tube astatine 1444 GMT. U.S. West Texas Intermediate crude roseate by 4 cents, oregon 0.04%, to $92.65.

Both contracts dropped by much than $1 a tube earlier successful the league aft Chinese wellness officials astatine the play reiterated their commitment to strict COVID containment measures, dashing hopes of a rebound successful lipid request from the world's apical crude importer.

Brent and WTI roseate past week, climbing 2.9% and 5.4%, respectively connected speculation astir a imaginable extremity to COVID-19 lockdowns contempt the deficiency of immoderate announced changes.

However, prices pared gains connected stronger hazard sentiment, quality of recovering Chinese crude imports and the U.S. dollar weakening against different currencies, UBS expert Giovanni Staunovo said.

Both contracts stay good supra $90 a barrel, with Brent hovering nearer $100.

The U.S. dollar sank against the euro connected Monday and sterling was supported by risk-on sentiment and a rally successful European banal markets.

While China's imports and exports contracted unexpectedly successful October, its crude lipid imports rebounded to the highest level since May.

Oil prices person besides been underpinned by expectations of tighter supplies erstwhile the European Union's embargo connected Russia's seaborne crude exports starts connected Dec. 5, adjacent though refineries worldwide are ramping up output.

U.S. lipid refiners this 4th volition tally their plants astatine breakneck rates, adjacent oregon supra 90% of capacity. China's largest backstage refiner Zhejiang Petroleum and Chemical Co (ZPC), meanwhile, is raising diesel output.

Kuwait Integrated Petroleum Industries Co (KIPIC) said connected Sunday the archetypal signifier of its Al Zour refinery had started commercialized operations, the KUNA authorities quality bureau reported.

Reporting by Rowena Edwards Additional reporting by Florence Tan and Mohi Narayan Editing by David Goodman and Mark Potter

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