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Oil Prices Record New Losses And Reach The Lowest Level In Two Weeks
25/04/2022
52
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Earth News/ Oil prices fell to their lowest level in two weeks today, Monday, extending losses from last week, as fears grow that the prolonged closure of the Covid-19 virus in Shanghai and the possibility of raising US interest rates will harm global economic growth and fuel demand.
Brent crude futures were down $3.15, or 3.0 percent, at $103.50 a barrel by 04:26 GMT.
US West Texas Intermediate crude futures fell $3.01, or 3.0 percent, to $99.06 a barrel, after sliding earlier to $98.93, the lowest since April 12.
Shanghai authorities battling the COVID-19 outbreak have erected fences outside apartment buildings, sparking fresh public anger over the lockdown that has forced many of the city's 25 million residents indoors.
US Federal Reserve Chairman Jerome Powell has indicated that a half-point rate increase "will be on the table" when the Fed meets in May to approve the next, in what is expected to be a series of, hikes this year.
On the supply side, US energy companies added oil and natural gas rigs for the fifth consecutive week amid rising prices and government urging.
Some analysts said the worsening crisis in Ukraine could increase pressure on the European Union to punish Russian oil and prices could rise later this year.
[You must be registered and logged in to see this link.]
25/04/2022
52
[You must be registered and logged in to see this link.]
Earth News/ Oil prices fell to their lowest level in two weeks today, Monday, extending losses from last week, as fears grow that the prolonged closure of the Covid-19 virus in Shanghai and the possibility of raising US interest rates will harm global economic growth and fuel demand.
Brent crude futures were down $3.15, or 3.0 percent, at $103.50 a barrel by 04:26 GMT.
US West Texas Intermediate crude futures fell $3.01, or 3.0 percent, to $99.06 a barrel, after sliding earlier to $98.93, the lowest since April 12.
Shanghai authorities battling the COVID-19 outbreak have erected fences outside apartment buildings, sparking fresh public anger over the lockdown that has forced many of the city's 25 million residents indoors.
US Federal Reserve Chairman Jerome Powell has indicated that a half-point rate increase "will be on the table" when the Fed meets in May to approve the next, in what is expected to be a series of, hikes this year.
On the supply side, US energy companies added oil and natural gas rigs for the fifth consecutive week amid rising prices and government urging.
Some analysts said the worsening crisis in Ukraine could increase pressure on the European Union to punish Russian oil and prices could rise later this year.
[You must be registered and logged in to see this link.]
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