Brent, WTI Prices Decline

Brent, WTI Prices Decline
Brent, WTI Prices Decline

Oil prices slipped on Monday, along with stock markets in Asia, sparked by weak China data and fears a global recession could dampen oil demand, with investors eying European Union talks on a Russian oil embargo that could tighten global supplies.
Brent crude lost 41 cents, or 0.4%, to $111.98 a barrel, Reuters reported.
US West Texas Intermediate crude was at $109.24 a barrel, down 53 cents, or 0.5%. Both contracts briefly turned positive after falling more than $1 earlier in the session.
"The broader risk-off sentiment sparked by the recession fears, and China's lockdowns are the major factors that pressure the oil price," CMC Markets analyst Tina Teng said.
Global financial markets have also been spooked by concerns over interest rate hikes and recession worries as tighter and wider Covid-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. 
Crude imports by China, the world's top oil importer, rose nearly 7% in April from a year earlier although imports for the first four months fell 4.8% on year. 
A price cut by Saudi Arabia also reflected worries over global oil demand, Teng said.
Saudi Arabia, world's top oil exporter, lowered crude prices for Asia and Europe for June on Sunday. 

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