\n \n \n “. concat(self. i18n. t(‘search. voice. recognition_retry’), “\n
China has blocked the city of Chengdu, as of today, as the latest demonstration of its zero covid strategy. With a population of 21 million, Chengdu is the largest city locked up in China after Shanghai, Bloomberg reports.
All the blockades in China this year have caused oil costs to plummet thanks to the well-documented effect of the blockades on oil demand. However, the effect tended to be temporary.
However, when combined with other bearish indications, it is very likely that the news of foreclosure will have a marked negative effect on oil prices. In fact, oil fell in the Asian industry due to the announcement of the new closure in China.
In addition, Reuters published a ballot suggesting that the source is on the rise, with OPEC expected to pump an average of 29. 6 million bpd last month, the highest since April 2020.
U. S. Crude Oil Productionit is also rising, Reuters reported, and will most likely reach 11. 82 million bpd in June. It would also be from April 2020.
Concerns about the economic expansion are also contributing to the bearish sentiment that has gripped the oil market in recent days. With central banks apparently intent on seeking financial tightening, such considerations are more than justified.
As a result, Brent crude had fallen to $95. 11 per barrel at the time of writing, with West Texas Intermediate at $89 per barrel. cap on Russian oil sold on foreign markets.
The concept under discussion is the refusal to insure Russian oil shipments unless the oil is sold below a safe value threshold. The G7 dominates the insurance market with a 90% share. Russia has indicated that it will not settle for a value cap.
By Charles Kennedy for Oilprice. com
More in Oilprice. com:
Gazprom cuts natural gas deliveries to French utility giant
Goldman Sachs: UK inflation may break 22% if fuel costs remain high
Norwegian production of herbal fuel could set a new record this year
Read this article in OilPrice. com