The oil prices They fell on Monday, as concerns about weak economic growth in China – the world’s largest oil importer – overshadowed fears that supply would be limited by a possible European Union ban on the entry of Russian barrels.
At 11:51 GMT, crude oil futures Brent fell 2.90 dollars, or 2.71%, to 104.20 dollars a barrel, while those of the West Texas Intermediate in the United States (WTI) they yielded 3.38 dollars, or 3.23%, to settle at 101.33 dollars.
The markets of Japan, the United Kingdom, India and all of Southeast Asia remained closed this Monday for a holiday.
China on Saturday released data showing factory activity in the world’s second-largest economy contracted for a second month to its lowest level since February 2020 due to lockdowns due to covid-19.
“A slowdown to that point, when China is already suffering from a housing slump and concerns over its (until recently) heightened regulation, is potentially a major issue for commodity markets and the global economy,” Tobin Gorey said in a note. , commodity analyst at Commonwealth Bank.
On the supply side, the National Oil Corp. Libya’s NOC said on Sunday it will temporarily resume operations at the Zueitina oil terminal, after declaring force majeure in late April on some shipments, as political protests forced operations at several oil facilities to be suspended. .
The European Union is leaning towards banning Russian oil imports by the end of the year, two EU diplomats said after talks between the European Commission and member states over the weekend.