Due to fears of recession and the restrictions imposed by China to combat Corona, oil prices fell by one dollar in Monday’s trading.
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Oil prices are down about one dollar
Oil prices fell about $1, on Monday, in volatile trading, after concerns about a recession and China’s restrictions to combat “Covid-19” outweighed continuing concerns about a supply shortage.
Brent crude futures fell 82 cents, or 0.8%, to $106.20 a barrel, by 03:14 GMT.
US West Texas Intermediate crude futures fell $1.04, or 1%, to $103.75 a barrel. Trading was thin due to a public holiday in parts of Southeast Asia.
The contracts of both crudes recorded a weekly decline, last week, after fears that rising interest rates to curb inflation might lead to a recession and weaken demand for oil dominated the market.
A few days ago, Russian President Vladimir Putin warned:catastrophic repercussionsHe said during a government meeting that “punitive restrictions imposed on Russia will cause much greater losses to the countries that impose them.”