NEW YORK: Demand for crude oil prices has eased following the implementation of the Corona Lockdown in China, as crude oil prices have risen sharply since the Ukraine-Russia war.
Russia has been attacking Ukraine for the past few days. This environment has posed economic threats around the world. Thus the price of gold and crude oil rose sharply.
A few days ago a barrel of crude oil crossed $ 100. Then the price went up to $ 110. Trade continued to rise to $ 118 and $ 130, respectively. Russia’s invasion of Ukraine has risen to 40% since the February 24 attacks.
In this case, the corona infection has been on the rise again in China for the past few days. Reports suggest that the infection has increased due to the spread of omega-3s. As a result, China has imposed stricter controls. Similarly, China has been implementing sporadic intensive lockdowns. People are not allowed to travel. Thus the demand for petrol-diesel in China is declining significantly.
As a result, crude oil prices have fallen in the international market. The price of oil has dropped to $ 7 a barrel. Brent was down $ 6.78 or 6% at $ 105.89 a barrel at 1358 GMT, while U.S. crude was down $ 7.01 or $ 6.2% at $ 102.32.
UPS analyst Giovanni Stanovo said: “Oil prices are likely to remain moderate this week due to the impact of sanctions on Russia amid signs of a ceasefire. Russia’s oil production rose to 11.12 million barrels a day in March so far.
Apart from the new talks between Ukraine and Russia, I think the reason for the fall in crude oil prices due to the new lockdown in China, ”he said.