Oil prices accelerated fall amid growing fears of reduced energy demand in China, where COVID-19 cases continue to rise 19.
World benchmark oil prices fell sharply on the first business day of the week. This is evidenced by trading data on Monday, April 25, reports the Chronicle.info with reference to the Correspondent.
Thus, as of 16:30 Kyiv time, June Brent futures on the London ICEFutures exchange fell by $6, 43 (6.06%) to $99.72 per barrel.
The cost of WTI futures for June at the electronic session on the New York Mercantile Exchange (NYMEX) collapsed by $6.32 (6.19%) — up to $95.75 per barrel.
Now the spread between the current contracts for Brent and WTI is $3.97 in favor of Brent.
According to Western agencies, oil quotes accelerated the fall amid growing fears of a reduction in demand for energy resources in China, where the incidence of COVID-19 continues to grow. Shanghai reported a record number of new coronavirus cases in the city over the weekend, while Beijing authorities said the infection continues to spread rapidly.
Demand for gasoline, diesel and jet fuel in China is expected to decline in April by 20% compared to the same month last year, that is, by about 1.2 million barrels per day. Such a drop will be the sharpest since the start of the COVID-19 epidemic in Wuhan, China more than two years ago.