crude oil futures Brent fell 3% to $102.90 a barrel. while those of the West Texas Intermediate in the United States (WTI) also fell 3%, to 100.09 dollars, after hitting a minimum of US$99.25 during the day.
“The combination of China’s COVID-related lockdowns and interest rate hikes to combat inflation left equity investors on the defensive, strengthened the dollar and significantly raised concerns about an economic slowdown,” said Tamas Varga, from the PVM brokerage.
The Dollar traded near 20-year highswhich made oil more expensive for holders of other currencies.
Recent data showed that the growth of China’s exports slowed to single digits, the weakest level in nearly two years, as the country extended lockdowns over coronavirus outbreaks.
Financial markets are also paying attention to the possibility that some European economies may suffer if Russian oil imports are further reduced, or if Russia retaliates by cutting off gas supplies.
In United States, crude oil, distillates and gasoline inventories probably fell last week, a preliminary Reuters survey of weekly data showed on Monday.
Brent and WTI futures rose more than $1 a barrel earlier in the session, following comments from the energy ministers of Saudi Arabia and the United Arab Emirates.
Source: Ambito
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