continued Oil prices fell, recording their largest drop in more than five weeks After the European Union eased its proposed sanctions on Russian crude exports, economic growth concerns weighed on sentiment across all markets.
West Texas Intermediate crude futures fell to about $101 a barrel in Asian trading, after dropping nearly 6% on Monday.
The European Union is scheduled to cancel the proposed ban on EU-owned ships transporting Russian crude after objections from members, including Greece, while talks continue on the sixth package of sanctions, according to “Bloomberg” and seen by “Al Arabiya.net”.
Central banks have tightened monetary policies to rein in inflation sparked by the Russian war in Ukraine, and investors will be watching with interest the April US CPI reading on Wednesday.
Meanwhile, the Bloomberg Spot Commodities Index – which tracks 23 energy, metals and crop futures contracts – fell 4.3% on Monday, the biggest drop since early March.
The oil market has seen a volatile period of trading since the Russian invasion of Ukraine in late February, with the United States and the United Kingdom already moving to ban imports of Russian oil, while the European Union seeks to overcome Hungary’s objections to similar measures.
After the latest talks, the Hungarian foreign minister said some progress had been made.
The re-emergence of the Corona virus in China also increased volatility, as the closures strained the economy, while Chinese Prime Minister Li Keqiang warned of a “complex and dangerous employment situation as Beijing and Shanghai tightened restrictions in an attempt to contain the outbreak.”