Oil prices continue today, Wednesday, the decline in light of increased concern for global oil demand in China due to its policy of “Safar Kovid” and the high cases of virus in the country.
By 10:12 Moscow time, US crude futures fell by 1. 20% to $ 85. 88 a barrel, while global crude futures decreased by Brent mix by 1. 04% to $ 92. 88 a barrel.
In China, the increase in Corona infection affects morale in the oil markets, despite the hopes that have been accompanied by the restrictions related to the Corona virus this week.
This led to the weakening of oil demand growth expectations, as the International Energy Agency expected to slow demand to 1. 6 million barrels per day in 2023 from 2. 1 million barrels per day this year.
Source: RT + Bloomberg.
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