Oil falls on expectations of lower demand in China

During morning trading on Monday, there is a decline in oil prices. At 08:07 Moscow time, the price of a barrel of Brent oil was $110.67, which is 1.78% lower than its price at the close of the trading session on Friday. WTI oil is also getting cheaper. The price of a barrel of this benchmark fell to $106.81, or 2.3%. The main reason for the fall in oil prices was the deterioration of the epidemiological situation in the Asian region. First of all, we are talking about China. In this country, an increase in the number of infections has been recorded. In this regard, the authorities may decide to tighten restrictive measures. As it became known, in the Chinese city of Shenzhen, lockdowns have already been introduced in a number of areas. Investors fear that they will lead to a decrease in demand for oil. Some experts note that the return of Iranian oil to the market in the near future is unlikely. The prospects for reaching an agreement on a nuclear deal with the United States remain uncertain.

Source: xCritical.com