Oil minus the news of China’s closures
Oil will drop this Tuesday’s session, given the uncertainty brought about by China’s closures and statements by European leaders about Russian oil.
As the number of Covid-19 cases increases in China, which is the largest importer of oil, there are fears of a drop in demand. Although the Chinese authorities consider the impact of the pandemic on the Chinese economy to be short-lived, ensuring that normal conditions “return quickly”, “traders” are alert to this issue.
“The impact of China’s restrictions on demand and failures in Libya are in oil radar,” Vandana Hari, founder of Vanda Insights, said in a statement to Bloomberg. “But the European Union’s ability to phase out Russia’s oil imports is a major mood factor.”
French Finance Minister Bruno Le Maire said in an interview with Europe 1 radio this Tuesday that “more than ever” it is necessary to stop oil imports from Russia.
West Texas Intermediate (WTI) has fallen 0.78% in New York to $ 107.37.
North Sea Brent, which serves as a benchmark for the Portuguese market, has fallen 0.57% to $ 112.51.