Bears keep control of crude prices

Brent first nearby prices are hovering above the $100/b mark this morning after touching an intraday low at $98.41b yesterday. They remain pressured by the massive 240 Mb stock release from strategic reserves announced over the past few days and mounting concerns over China’s oil demand.

Indeed, China’s oil consumption was assessed at 13.9 million bpd in the first quarter to March 31, down 3% from a year earlier due to the impact Covid lockdowns, according to the director of CNPC’s oil market research department.

But talks around an EU ban on Russian oil imports will be on the table of Monday’s EU foreign affairs council meeting, which could continue to limit losses overall in the short term.