The oil prices They wrote down this Tuesday, March 7, their biggest drop in the last two monthsdriven by the China import contractionthe world’s leading oil importer.
The barrel of the WTI variety fell 4%, at US$77.30; while the Brent rate fell 3.5%, to US$83.20according to figures provided by the New York Mercantile Exchange (NYMEX).
He bearish sentiment surrounded the contraction of China’s exports and imports in January and Februaryincluding the crude oil imports. The decline occurred despite the lifting of restrictions due to COVID-19which points to the weak foreign demand.
“Given high inflation in the US and Europe, demand from these countries should continue to weakenwhich also curbs demand for processing in China“, he claimed Iris Pang, ING Chief Economist for Greater China.
“The key unknown for 2023 will be the interruption of oil exports and refined products From Russia“, he commented in a note Vivek Dhar, Analyst at Commonwealth Bank of Australia.
In addition, the US wholesale inventories fell in January in line with initial estimates, according to government data released on Tuesday, which also showed a rebound in wholesale sales.
Source: Ambito
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