Oil prices started the new week on Monday with further declines. On the market there was talk of ongoing concerns about demand.
Oil prices started the new week on Monday with further declines. On the market there was talk of ongoing concerns about demand. A barrel (159 liters) of the North Sea Brent cost 103.93 US dollars (96.08 euros) in the morning. That was $2.71 less than Friday. The price of a barrel of West Texas Intermediate (WTI) fell $2.73 to $99.34.
Concerns about weaker oil demand are increasingly dominating the crude oil market. The background to this is the strict corona measures taken by the Chinese government, which threaten to impact economic growth inside and outside of China. Accordingly, lower demand for crude oil, petrol and diesel is expected.
On the other hand, oil prices are being supported by Russia’s war in Ukraine, which has at times led to severe turmoil on the oil market. Due to the war and severe sanctions imposed by Western countries, a significant part of the Russian oil supply is currently being cut off. Russia is one of the largest producing countries in the world.
(APA/dpa)