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World

11. 05. 2022. 00:00   >>  17:39

INTERNATIONAL MARKETS

Oil cheaper, prices fell toward $ 105

Oil prices fell toward $ 105 on international markets on Tuesday, balancing between supply concerns over announced EU sanctions on Russian oil and fears that a lockdown in China and a possible recession would hurt demand.

In the London market, the price of a barrel fell 69 cents compared to the previous close, to $ 105.25. In the American market, a barrel was traded at a price 45 cents lower, from $ 102.64, SEEbiz reports.

Markets are flooded with demand concerns about lockdown in China, the world’s leading oil importer. Chinese exports slowed sharply in April due to expanded and tightened coronavirus control measures.

Traders are also troubled by raising key interest rates by which central banks are trying to curb inflation.

"The combination of coronavirus closures in China and rising interest rates around the world in the fight against inflation has put equity investors at a disadvantage, strengthened the dollar and significantly fueled fears of a slowdown," said PVM's TamasVarga.

The dollar has remained close to its highest level in 20 years, making oil more expensive for buyers with other currencies and holding back demand.

Financial markets also fear that some European economies could find themselves in trouble if Russian oil imports are further reduced or if Russia responds to Western sanctions due to its invasion of Ukraine by suspending gas supplies. 

German officials are considering behind closed doors measures to secure gas supplies in the event of a suspension of deliveries from Russia, sources claim. 

A supply disruption would cause a deep recession and result in the loss of half a million jobs, a prominent economist said in an interview Tuesday.

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