Economic worries lead to falling oil (upd)

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LAST UPDATE 13:49

Oil prices are falling after the initial rise, amid concerns that high fuel prices could hurt economic growth, but the planned easing of restrictions in Shanghai and the prospect of low supply put a limit on losses.

Brent for July delivery fell 1.2% to $ 107.86 a barrel, while West Texas Intermediate for June delivery fell 1.8% to $ 107.63 a barrel.

“The drop in US retail stocks has heightened concerns about growth and, at the same time, fuel demand,” said Saxo Bank analyst Ole Hansen.

The sharp drop in European and Asian markets following Wall Street’s worst day since mid-2020, as well as warnings from some of the world’s largest retailers, underscore how strong the effects of inflation are.

However, the emerging possibility of an EU ban on Russian oil imports has supported prices.

Russian Deputy Prime Minister Alexander Novak said today that Moscow would send oil rejected by European countries to Asia and elsewhere.

He added that Russia’s oil production was about 1 million barrels lower in April, but increased by 200,000-300,000 barrels per day in May, while more volumes are expected to recover next month.

In Amsterdam, gas prices fell 1.6% to 93 euros per megawatt hour.

Gas prices in Europe have been driven lower as liquefied natural gas continues to rise, helping to replenish stocks and alleviate supply concerns.

At least 10 lng tankers were expected to arrive in European ports by the end of the month.

Source: Capital

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