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Oil prices fall as profit taking continues
Shafaq News/ Oil prices fell on Tuesday, with investors reaping profits after the recent rise, while Hungary resisted an effort by the European Union to impose a ban on Russian oil imports, in a move that would reduce global supplies.
Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 04:27 GMT, while US West Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel. Both benchmarks rose more than 2% on Monday.
On Monday, EU foreign ministers failed in their efforts to pressure Budapest to veto a proposed oil embargo on Russia in the wake of the country's invasion of Ukraine. The embargo would require the approval of all EU countries.
However, overall sentiment about prices remains bullish amid optimism about a recovery in demand in China as it looks to ease coronavirus restrictions that have hurt its economy.
Shanghai made plans on Monday to end the painful COVID-19 lockdown that has lasted more than six weeks, which has badly hit the Chinese economy, and for a return to more normal life from June 1.
On the supply front, US producers are ramping up to replenish stocks that dwindled in the wake of Russia's war on Ukraine — which Moscow calls a "special military operation" — and recover from the COVID-19 pandemic.
Data from the US Department of Energy on Monday showed that stocks in the Strategic Petroleum Reserve fell to 538 million barrels, the lowest level since 1987, confirming the shortage of supply.
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Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 04:27 GMT, while US West Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel. Both benchmarks rose more than 2% on Monday.
On Monday, EU foreign ministers failed in their efforts to pressure Budapest to veto a proposed oil embargo on Russia in the wake of the country's invasion of Ukraine. The embargo would require the approval of all EU countries.
However, overall sentiment about prices remains bullish amid optimism about a recovery in demand in China as it looks to ease coronavirus restrictions that have hurt its economy.
Shanghai made plans on Monday to end the painful COVID-19 lockdown that has lasted more than six weeks, which has badly hit the Chinese economy, and for a return to more normal life from June 1.
On the supply front, US producers are ramping up to replenish stocks that dwindled in the wake of Russia's war on Ukraine — which Moscow calls a "special military operation" — and recover from the COVID-19 pandemic.
Data from the US Department of Energy on Monday showed that stocks in the Strategic Petroleum Reserve fell to 538 million barrels, the lowest level since 1987, confirming the shortage of supply.
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