June 13, 2022 09:37
Oil prices fell more than $2 on Monday after a surge in COVID-19 infections in the Chinese capital dashed hopes of a rapid increase in China’s demand for fuel, while concerns about global inflation and economic growth further depressed the market.
Brent crude futures fell $1.81, or 1.48 percent, to $119.95 a barrel by 0443 GMT, while US West Texas Intermediate crude recorded $118.81 a barrel, down $1.86, or 1.54 percent. Both futures contracts fell more than two dollars earlier in the session.
Prices fell after Chinese officials warned on Sunday of a “vicious” outbreak of COVID-19 in the capital and announced plans to conduct mass testing in Beijing until Wednesday. Fears of an interest rate hike after a sharp rise in US inflation data on Friday also put pressure on global financial markets.
“Fears of a stronger dollar and stagflation have proven to limit the market’s upward trend,” Stephen Innes of SBI Asset Management said in a note.
Both world oil benchmarks rose more than one percent last week after data showed strong demand for oil in the United States, the world’s largest oil consumer, despite inflation fears and hope that consumption may rise in China, the world’s second-largest oil consumer. globally, after lifting the closure procedures from the first of June.
Source: agencies
Related posts:
Congolese President Denis Sassou-Nguesso on a state visit to Rwanda
Opening a Franchise: Your Guide to Success and Financial Freedom
Most cryptocurrencies are in the red. What is happening?
they carry almost everything, instead of guarantees - customer reviews - Trade on vc.ru
"Gold price today" (15 Mar) latest adjustment, 7th time, gold price for sale 31,150
Tax declaration: “Deductible aid is capped for children, not those in favor of parents”
This is how youth mortgages are | My finances section
In Luxembourg: The oil is flaming and it's getting tougher for the coffee: the checkout is more expe...