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After dropping sharply in the previous session, oil prices are rising again today
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[rtl]Follow up / supplier news[/rtl]
[rtl]Oil prices opened higher on Tuesday, after dropping sharply in the previous session on concerns that continued COVID-19 lockdowns in China would affect demand and with the US dollar hitting a two-year high .[/rtl]
[rtl]Brent crude futures were at $103.51, up 1.23 cents, or 1.20 percent, and US West Texas Intermediate contracts rose to $99.43, up 89 cents, or 0.90 percent, at 04:48 GMT .[/rtl]
[rtl]Both contracts settled down about 4% on Monday, with Brent dropping as much as $7 a barrel in the session, and WTI down nearly $6 a barrel .[/rtl]
[rtl]China's COVID lockdowns in Shanghai have entered their fourth week. Meanwhile, requests for mass testing, including in Beijing's largest shopping district, have raised fears of other Shanghai-style shutdowns .[/rtl]
[rtl]The dollar also hit a two-year high on Monday, making oil more expensive for other currency holders .[/rtl]
[rtl]Conversely, the oil market remains tight as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, struggle to meet their production targets with US crude stocks falling sharply in the week ending April 15 .[/rtl]
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[You must be registered and logged in to see this image.] 2022/04/26
[You must be registered and logged in to see this image.] 27
[rtl]Follow up / supplier news[/rtl]
[rtl]Oil prices opened higher on Tuesday, after dropping sharply in the previous session on concerns that continued COVID-19 lockdowns in China would affect demand and with the US dollar hitting a two-year high .[/rtl]
[rtl]Brent crude futures were at $103.51, up 1.23 cents, or 1.20 percent, and US West Texas Intermediate contracts rose to $99.43, up 89 cents, or 0.90 percent, at 04:48 GMT .[/rtl]
[rtl]Both contracts settled down about 4% on Monday, with Brent dropping as much as $7 a barrel in the session, and WTI down nearly $6 a barrel .[/rtl]
[rtl]China's COVID lockdowns in Shanghai have entered their fourth week. Meanwhile, requests for mass testing, including in Beijing's largest shopping district, have raised fears of other Shanghai-style shutdowns .[/rtl]
[rtl]The dollar also hit a two-year high on Monday, making oil more expensive for other currency holders .[/rtl]
[rtl]Conversely, the oil market remains tight as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, struggle to meet their production targets with US crude stocks falling sharply in the week ending April 15 .[/rtl]
[rtl][You must be registered and logged in to see this link.]
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