Sharjah24 – Archyde.com: Oil prices were mixed on Monday as investor fears of a global recession spurred by lockdowns in China and weak economic data vied with signs the European Union was stepping closer to an import ban on Russian crude.
Brent crude was down 18 cents, or 0.2%, at $111.37 a barrel at 1342 GMT, while U.S. West Texas Intermediate (WTI) crude rose 2 cents, or less than 0.1%, to $110.51 a barrel.
The fall in oil prices “is chiefly due to the weak Chinese economic data, as the lockdown measures are having a direct impact on the world’s second-largest market,” said Barbara Lambrecht, energy analyst at Commerzbank.
It is estimated that 46 cities in China are under lockdowns, hitting shopping, factory output and energy usage.
Latest Chinese data showed retail sales in April shrank almost 11% from a year earlier, while factory production fell 2.9% year-on-year.
In line with the unexpected industrial output decline, China processed 11% less crude oil in April, with daily throughput the lowest since March 2020.
