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18 Apr 2022

Oil Prices Stabilize over Slackening Demand in China

Oil Prices Stabilize over Slackening Demand in China

The Index Today

Oil prices turned stable on Monday due to retreating demand in China which induced investors to claim gains made over highs during the initial session amid mounting fears of deepening global supply crunch spurred by worsening conditions in Ukraine.

According to Reuters, Brent crude rose by 0.2% to $111.97 per barrel at 0642 GMT, following a slump from its highest level of $113.80 since March 30, achieved during the initial session. The U.S. West Texas Intermediate (WTI) futures also edged higher by 0.2% to $107.15 a barrel, after having achieved a high of $108.55 earlier in the session which is its highest since March 30.

The Chinese economy sustained a blow in March marked by slumps in real estate, exports and consumption, further exacerbating the fiscal outlook already affected by COVID-19 curbs and the Ukraine-Russia crisis.

Rakuten Securities’ commodity analyst Satoru Yoshida contended, "Some Asian investors booked profits as they became worried about slowing demand in China.”

©Photo: Reuters