During the trading on Monday, oil prices sharply decreased. This happens against the backdrop of fears for reducing the demand for energy resources in China, where the incidence of coronavirus continues to grow. For example, in Shanghai this weekend, a record number of new cases of incidence is registered.
As Interfax writes, June futures on the Brent variety on the ICE Futures London Exchange by Monday evening, April 25, fell in price by $ 6.14 (5.76%) to $ 100.51 per barrel. The cost of the futures on WTI for June on the New York commodity exchange (NYMEX) fell by this moment by $ 5.85 (5.73%) – to $ 96.22 per barrel.
The expected reduction in demand for gasoline, diesel and aviation fuel in China is about 20%, or approximately 1.2 million barrels per day. This is the most sharp fall in demand since the beginning of the Covid-19 epidemic in Jun more than two years ago.