Oil slips on China demand worries, while EU weighs Russia oil ban | Reuters
Oil slipped almost 1% on Tuesday as concerns about the demand outlook due to prolonged COVID lockdowns in China outweighed support from a possible European oil embargo on Russia over its actions in Ukraine.
Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai's over the past month. The capital's restaurants were closed for dining in, and some apartment blocks were sealed shut. read more
Brent crude was down 77 cents or 0.7%, at $106.81 a barrel at 1202 GMT. U.S. West Texas Intermediate (WTI) crude dropped $1.09, or 1%, to $104.08.
"The positive driver has been the EU embargo and whether that will be announced," said Commonwealth Bank commodities analyst Vivek Dhar.
No comments:
Post a Comment