Oil prices fell sharply on Monday, extending last week’s losses. At the beginning of the week, concerns about further developments in China put pressure on prices, according to market observers.
In the morning, a barrel (159 liters) of North Sea Brent cost $ 81.41. That was $2.22 less than Friday. The price of a barrel of American West Texas Intermediate (WTI) grade fell by $2.03 to $74.25.
China’s biggest wave of protests in decades dampened investors’ willingness to take risks in financial markets in the morning, which also dragged down oil prices. The weekend demonstrations continued into Monday night in many cities in the world’s second largest economy. The outrage is directed against the strict measures of China’s zero-Covid policy such as repeated lockdowns, mass testing and enforced quarantine.
Concerns about a global economic slowdown with lower crude oil demand had previously weighed heavily on oil market prices. Since the middle of the month, the price of North Sea crude oil is down nearly $15.
During this period, the price of US oil also fell by about $15, with the price of US crude sometimes falling below $74 a barrel in the morning, to its lowest level since the start of the year. (sda/awp/dpa)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
