The dollar hit a new two-decade high, making it more expensive a barrel for holders of other currencies.
Global financial markets have been hit by concerns over interest rate hikes and recession, as China’s tightening and widening of COVID-19 lockdowns led to lower export growth in the region. second largest economy in the world in April.
In Russia, oil production rose in early May from April, stabilizing, according to Deputy Prime Minister Alexander Novak, after falling in April as a result of Western sanctions imposed over the Ukraine crisis.
Chinese crude imports were down 4.8% in the first quarter compared to a year ago, but included a nearly 7% rise in April.
On the supply side, Saudi Arabia, the world’s leading oil exporter, lowered oil prices for Asia and Europe in June.
Last week, the European Commission proposed a gradual embargo on Russian oil, boosting Brent and WTI prices for the second week in a row. However, the proposal requires a unanimous vote among bloc members this week, which has not yet occurred.
By Shadia Nasralla
Source: Ambito
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