As of 2336 GMT, Brent oil futures were down $1. 58, or 1.6%, at $96. 99 per barrel after hitting a low of $96. 50 earlier.
The price of US West Texas Intermediate crude fell $1.77 or 1.9% to $90. 84 a barrel, marking the lowest level since the session’s opening at $90. 40 per barrel.
“The oil prices decreased sharply after Chinese officials pledged to adhere to the zero Kovid policy with the high cases of Corona in China, which may cause more restrictions, which weakens expectations. for a rise in demand.
She added that the rise in the dollar casts its weight on oil prices.
Four of the policy makers in the Federal Reserve (the US Central Bank) indicated on Friday that they are still considering raising the interest rate in a lower rate in their next meeting of politics despite the strong job data.
Brent and West Texas saw increases of 2.9% and 5.4%, respectively, last week as speculation about the potential end of stringent restriction in China drove up commodity prices there despite no official adjustments.
Later today, Monday, trade data from China may be released in the second-largest economy in the world, showing further slowdown in exports as declining global demand.
Because of the already-high prices and the shaky economic background in the advanced economies, the market is still grappling with signals of sluggish demand for oil, according to a document. “The demand has decreased to 2019 levels in Europe and the US.
Following China’s affirmation of its adherence to the “Safar Kovid” policy, oil prices decline.
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