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French Industry Minister: (Speaking of Trumps tariffs) Europe must show strength and not be naive.Frances industry minister reiterated that Europe would respond in a measured way to possible tariffs imposed by Trump.Futures news on April 2: 1. The trading volume of WTI crude oil futures was 958,249 lots, a decrease of 3,523 lots from the previous trading day. The open interest was 1,836,896 lots, a decrease of 2,747 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 183,942 lots, an increase of 28,118 lots from the previous trading day. The open interest was 188,972 lots, an increase of 199 lots from the previous trading day. 3. The trading volume of natural gas futures was 413,837 lots, a decrease of 48,458 lots from the previous trading day. The open interest was 1,636,177 lots, an increase of 11,561 lots from the previous trading day.Futures April 2, Economies.com analysts latest view today: Brent crude oil futures prices fell as it tried to release the overbought saturation in the stochastic indicator and a negative signal appeared. At the same time, prices are accumulating positive momentum, ready to rebound and rise again. In the short term, the upward correction trend dominates, and prices are trading along the trend line.Futures News, April 2, Economies.com analysts latest views today: US WTI crude oil futures prices fell slightly due to profit-taking, while trying to accumulate positive momentum to rebound again. In the short term, the upward correction trend dominates, and the stochastic indicator has reached an oversold level, suggesting a positive divergence, which will strengthen the upward momentum.

Oil Prices Begin the Week Lower as Fears of a Chinese Covid Lockdown Fuel Demand Concerns

Charlie Brooks

Apr 12, 2022 09:18

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On the New York Mercantile Exchange, oil futures declined 4.04 percent to close at $94.29 a barrel, while Brent crude futures slid 4.2 percent to trade at $98.49 a barrel on the London's Intercontinental Exchange (NYSE:ICE).


China's travel ban has harmed travel activities in the world's second biggest economy, placing a squeeze on jet fuel and crude oil consumption. "Air traffic has been reduced to 10% of its normal level not just in Shanghai, but also in other parts of the nation," Commerzbank stated in a note.


According to Commerzbank, the effect of decreased transport demand is estimated to be between 1.2 million and 1.3 million barrels per day, with jet fuel consumption accounting for around half of this amount.


However, there looks to be some relief on the horizon, as Shanghai officials said Monday that they will begin relaxing lockdowns in certain neighborhoods. The announcement comes after China's financial capital recorded a record number of new Covid cases on Sunday, exceeding 25,000.


Demand is being slashed at a time when extra production is scheduled to come online, putting more downward pressure on oil prices. The International Energy Agency's member states agreed last week to release 60 million barrels over the next six months, assuaging concerns about a supply crisis.