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By 01:53 GMT, prices for . have fallen Raw brent 28 cents, or 0.3 percent, to settle at 112.11 dollars a barrel.
As for West Texas Crude The American mediator amounted to 109.36 dollars a barrel, down 41 cents, or 0.4 percent, according to Archyde.com.
CMC Markets analyst Tina Teng said: "Wider risk aversion caused by fear slackand closings in China Because of covid are the main factors that put pressure on oil prices".
Global financial markets are also turbulent due to concerns about interest rate hikes and closures due to COVID-19 In China, which harms the second economy in the world.
Teng said that "The ongoing shutdowns in China may continue to affect oil prices in the near term".
She added that Saudi Arabia’s price cut also reflects concerns about… Global demand for oil.
Saudi Arabia, the world’s largest oil exporter, cut crude prices for Asia and Europe for June on Sunday.
Brent and US crude rose last week for the second week in a row due to concerns about supplies after the European Commission proposed a phased ban on… Russian oil As part of the tougher sanctions package due to the war in Ukraine.
The proposal requires a unanimous vote among the members European Union.
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By 01:53 GMT, prices for . have fallen Raw brent 28 cents, or 0.3 percent, to settle at 112.11 dollars a barrel.
As for West Texas Crude The American mediator amounted to 109.36 dollars a barrel, down 41 cents, or 0.4 percent, according to Archyde.com.
“The broader risk aversion stemming from fears of slackand closings in China Because of covid are the main factors that put pressure on oil prices“.
Global financial markets are also turbulent due to concerns about interest rate hikes and closures due to COVID-19 In China, which harms the second economy in the world.
“The ongoing shutdowns in China may continue to affect oil prices in the near term,” Teng said.
She added that Saudi Arabia’s price cut also reflects concerns about… Global demand for oil.
Saudi Arabia, the world’s largest oil exporter, cut crude prices for Asia and Europe for June on Sunday.
Brent and US crude rose last week for the second week in a row due to concerns about supplies after the European Commission proposed a phased ban on… Russian oil As part of the tougher sanctions package due to the war in Ukraine.
The proposal requires a unanimous vote among the members European Union.