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Oil prices fall amid fears of recession and weak consumption
Shafaq News/ Oil prices fell in early trading, on Tuesday, as fears of a possible recession and weak consumption exceeded expectations of tight global supply and a recovery in fuel demand in China after Beijing's promises of stimulus.
Brent crude futures for July were down 45 cents, or 0.40%, to $112.97 a barrel by 04:12 GMT, and US West Texas Intermediate crude futures for July delivery fell 47 cents, or 0.43%, to $109.82 a barrel. Both benchmarks fell more than $1 earlier in the session.
Brent crude rose 0.7% on Monday while West Texas Intermediate crude was almost flat.
Multiple threats to the global economy topped the concerns of the world's wealthy at the annual Davos Economic Summit, with some citing the risk of a global recession.
The head of Saudi Aramco told Reuters that the world is facing a crisis in the oil supply, as most companies are afraid to invest in the sector because it is facing pressures related to green energy, adding that it cannot expand its production capacity faster than it was promised.
China, the world's largest oil importer, will expand its tax credit cuts, postpone social security payments and loan repayments, launch new investment projects and take other steps to support the economy, state TV quoted the Cabinet as saying on Monday.
Shanghai, China's commercial hub, aims to normalize life from June 1 as the number of coronavirus cases declines, although a rise in new COVID-19 cases in Beijing has raised concerns about further restrictions.
Meanwhile, the European Union is likely to agree to a ban on Russian oil imports "within days", according to Germany's largest member, where Moscow has said it has seen its economic ties grow with China after it was isolated by the West over its invasion of Ukraine.
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Brent crude futures for July were down 45 cents, or 0.40%, to $112.97 a barrel by 04:12 GMT, and US West Texas Intermediate crude futures for July delivery fell 47 cents, or 0.43%, to $109.82 a barrel. Both benchmarks fell more than $1 earlier in the session.
Brent crude rose 0.7% on Monday while West Texas Intermediate crude was almost flat.
Multiple threats to the global economy topped the concerns of the world's wealthy at the annual Davos Economic Summit, with some citing the risk of a global recession.
The head of Saudi Aramco told Reuters that the world is facing a crisis in the oil supply, as most companies are afraid to invest in the sector because it is facing pressures related to green energy, adding that it cannot expand its production capacity faster than it was promised.
China, the world's largest oil importer, will expand its tax credit cuts, postpone social security payments and loan repayments, launch new investment projects and take other steps to support the economy, state TV quoted the Cabinet as saying on Monday.
Shanghai, China's commercial hub, aims to normalize life from June 1 as the number of coronavirus cases declines, although a rise in new COVID-19 cases in Beijing has raised concerns about further restrictions.
Meanwhile, the European Union is likely to agree to a ban on Russian oil imports "within days", according to Germany's largest member, where Moscow has said it has seen its economic ties grow with China after it was isolated by the West over its invasion of Ukraine.
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