Oil prices fell amid fears of slowing economic growth in China due to the closures to combat Covid-19.
-
Oil prices fell due to the slowdown in economic growth in China
Oil prices fell on Monday in sluggish trade due to holidays in Asia, following concerns regarding slowing economic growth in China, the world’s largest oil importer, outweighed fears of possible supply disruptions from a looming European Union embargo on crude oil. Russian.
Brent crude futures fell $13.1, or 1.1%, to $106.01 a barrel, while US West Texas Intermediate crude futures fell a dollar, or 1%, to $103.69 a barrel.
The decline in prices comes following China published data, on Saturday, that showed factory activity in the second largest economy in the world contracted for a second month to its lowest level since February 2020, due to the closures to combat Covid-19.
On the supply front, the National Oil Corporation of Libya announced in a statement on Sunday that it had “temporarily” lifted the state of force majeure. Operations resumed at the Zueitina oil port In order to reduce stocks and “empty tanks”.
A week ago, the Libyan Oil Corporation announced The case of “force majeure” in the Zueitina oil portwarning that a “painful wave of closures” has begun to hit its facilities.