Oil prices accelerated the fall during trading on Monday amid growing fears of reduction in energy resources in China, where the incidence of coronaviral infection continues to grow.
The cost of June futures on Brent on the Ice Futures London Exchange is $ 101.65 per barrel. The price of WTI oil futures for June at electronic auction of the New York Model Exchange (NYMEX) is $ 97.08 per barrel.
The quotes are at minimum values in almost two weeks, writes Trading Economics. Shanghai announced a record number of new Covid-19 cases in the city on weekends, and the author of Beijing said that coronavirus continues to spread rapidly. Demand for gasoline, diesel and aviation fuel in China in April will probably decrease by 20% compared to the same month of last year, Bloomberg reports citing sources. Such a fall will be the most sharp since the beginning of the Covid-19 epidemic in Chinese Jun more than two years ago. According to the results of the past week, Brent fell by 4.5%, WTI – by 4.1%.