Oil drops China’s economic growth fears

London /

Oil prices fell as concerns about weak economic growth in China, the world’s largest oil importer, were overshadowed by concerns that supplies would be restricted due to the prospect of The European Union has banned entry to Russian barrels.

future Brent It fell $2.90, or 2.71 percent, to $104.20 a barrel, while it declined West Texas Middle at United State (West Texas Intermediate) was down $3.38, or 3.23 percent, at $101.33.

Markets JapanAnd United kingdomAnd India The whole of Southeast Asia remained closed today for a holiday.

China Data released on Saturday shows that Factory activity in the world’s second-largest economy shrank for a second monthuntil it reached its lowest level since February 2020 due to the covid closures.

“The slowdown to that point, when China is already suffering from housing stagnation and concerns about its increased regulation (until recently), is likely to be a major issue for commodity markets and the global economy,” she said in a note. Tobin Gorey, a commodity analyst at the Commonwealth Bank.

On the supply side, the National Oil Company. The Libyan National Oil Corporation said yesterday that it will temporarily resume its operations at the oil port in Libya Zueitinaafter declaring force majeure at the end of April on some shipments, since Political protests have led to the suspension of operations at several oil facilities.

The European Union inclined to Ban on Russian oil imports by the end of the yearaccording to what was announced by two community diplomats after the talks he held European Commission and member states over the weekend.

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