Oil quotes accelerated the fall amid growing fears of declining energy demand in China, where the COVID-19 incident continues to grow.
World prices for benchmark grade oil fell sharply on the first working day of the week. This was confirmed by trading data on Monday, April 25th.
Thus, at 16:30 Kyiv time, June Brent futures on the London ICEFutures exchange dropped $ 6.43 (6.06%) to $ 99.72 per barrel.
The value of WTI futures for June in the electronic session on the New York Mercantile Exchange (NYMEX) dropped $ 6.32 (6.19%) to $ 95.75 per barrel.
Now the spread between the current contracts for Brent and WTI is $ 3.97 in favor of Brent.
According to Western agencies, oil quotes accelerated the fall amid growing fears of declining energy demand in China, where the COVID-19 incident continues to grow. Shanghai reported a record number of new coronavirus cases in the city over the weekend, while Beijing authorities said the infection continued to spread rapidly.
Demand for gasoline, diesel and aviation fuel in China is expected to decline by 20% in April compared to the same month last year, that is, by approximately 1.2 million barrels per day. Such a decline would be the worst since the COVID-19 epidemic began in Wuhan, China more than two years ago.
It will be recalled that in early March, the price of oil rose to nearly $ 140 per barrel. This is due to the introduction of a Russian oil embargo by the United States,
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Source: korrespondent
