Oil prices slumped to their lowest levels in nearly two weeks
Oil prices fell to their lowest level in nearly two weeks on Monday. Losses increased from last week as concerns rose that prolonged COVID-19 lockdowns in Shanghai and possible US rate hikes would hurt global economic growth and fuel demand.
Brent crude futures touched $102.47, the lowest since April 12, earlier in the session. As of 0644 GMT, it was $102.72 a barrel, down $3.93, or 3.7%.
West Texas Intermediate (WTI) crude futures fell $3.80, or 3.7%, to $98.27 a barrel, after first falling to $98.05, the lowest since April 12.
Indicators lost about 5% last week on demand concerns.
Oil is down again as the Fed raises interest rates to slow the US economy and the impact of falling consumption in China.
Responding to the COVID-19 pandemic, Shanghai authorities' curfew, which has erected fences outside residences, forcing most of the city's 25 million population to live indoors, has sparked a public backlash.
The US Federal Reserve pointed out that a half-point rate hike will be on the agenda at its meeting in May.
According to Baker Hughes, US drillers continue to add oil and gas rigs. U.S. energy companies added oil and gas rigs for the fifth week in a row amid the lure of higher prices and government incentives.
According to the sources, the Russia-Kazakh Caspian Pipeline Consortium is restarting exports with full performance as of April 22, after repairs at the facilities and an interruption of about 30 days.
Some analysts said the worsening crisis in Ukraine could increase pressure on the EU to impose sanctions on Russian oil and prices could rise further this year.
With the deepening of the Ukraine crisis, oil prices are no longer expected to drop below $90 per barrel due to the possibility of the EU potentially banning Russian oil. It is said that the EU is preparing "smart sanctions" against Russian oil, Europe's largest gas supplier and the world's second-largest oil exporter after Saudi Arabia.
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