Oil prices fell Monday, along with Asian equity markets on fears that a global recession could reduce oil demand, as investors looked forward to EU talks on a Russian oil embargo that should tighten global supplies. .
Brent crude prices fell 28 cents, or 0.3%, to $ 112.11 a barrel.
US West Texas Intermediate Crude reached $ 109.36 a barrel, in decline of 41 cents, or 0.4%.
“The broader risk aversion caused by recession fears and closures in China (due to Covid) are the main factors weighing on oil prices, “said Tina Teng, analyst at CMC Markets.
Global financial markets are also turbulent due to concerns about rising interest rates and closing measures due to “Covid-19” in China, which is hurting the second largest economy in the world.
“The closures in course in China could continue to influence oil prices in the short term, “added Teng.
Brent and U.S. crude rose last week for the second straight week amid supply concerns after the European Commission proposed a phased ban on Russian oil as part of a tighter sanctions package due to the war. in Ukraine.
The proposal requires a unanimous vote among EU members.
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