EnergyScan

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.

Energyscan oil news
Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-oil
February 23, 2022

Brent almost hit $100/b

Brent crude oil hit $99.5 a barrel yesterday before settling back down to $97/b. As we explain in the Daily Eco, the sanctions imposed by the US…
ES-economy
February 16, 2021

Ever higher

Global stocks continue to rise and so do commodity prices and bond yields, while the Bitcoin is nearing $50000. Risky assets are pushed higher by…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!

[booked-calendar]