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Oil falls on demand concerns in China

9 May 2022 05:29 PM

Oil prices fell today, affected by the performance of stock markets in Asia and fears of a decline in demand in China due to its expansion enclosures due to the spread of Covid-19 cases.

The weak China data also added uncertainty to investors as well as fears that the global recession could dampen oil demand.

Brent crude lost 41 cents, hitting $111.98 a barrel, and US West Texas Intermediate crude was $109.24 a barrel, down 53 cents.

According to today's data, China, the world's largest oil importer, increased crude imports by about 7% in April compared to the previous year, despite the decline in imports for the first four months by 4.8% on an annual basis.

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