The crude oil price decreases on Tuesday as new confinements in China reduce demand for petroleum products. The barrel of Brent oil from the North Sea – which determines the price at the pump – fell 1.3% to 111 dollars a barrel. On Monday, the price of oil had fallen nearly 7%.
The barrel of American oil WTI has lost 1.1% of its price and is now worth 104.77 dollars.
China, the world’s largest consumer of oil, is facing a growing number of coronavirus contaminations. This weighs on the demand for oil in particular because large parts of the Shanghai metropolis are blocked. A total of 62 million people in China are currently living in confinement, or are at risk of being so soon.
Nerves in the oil market have been strained since Russia’s invasion of Ukraine.