প্রকাশ: 24/05/2022
Oil prices eased in
early trade on Tuesday as concerns over a possible recession and weaker
consumption outweighed an expectation of tight global supply and a pick-up in
fuel demand in China after Beijing's promises of stimulus.
Brent crude futures for July slid 35 cents, or 0.3%, to
$113.07 a barrel by 0122 GMT. US West Texas Intermediate (WTI) crude futures
for July delivery dropped 36 cents, or 0.3%, to $109.93 a barrel. Both
benchmarks declined by more than $1 earlier in the session.
Brent gained 0.7% on Monday while WTI settled nearly flat.
Multiple threats to the global economy topped the worries
ofthe world's well-heeled at the annual Davos economic summit,with some
flagging the risk of a worldwide recession.
International Monetary Fund Managing Director
KristalinaGeorgieva said she did not expect a recession for major economies but
could not rule one out.
"Investors were selling off as they expected higher oil
prices to dent consumption for fuels worldwide," said Toshitaka Tazawa, an
analyst at Fujitomi Securities Co Ltd.
"But lingering concerns over tight global supply and
hopes for demand recovery in China were providing some support," he said,
predicting Brent to stay within a boxed range of $105-$115 a barrel for a
while.
The world is facing an oil supply crunch with most companies
afraid to invest in the sector as they face green energy pressures, the head of
Saudi Aramco told Reuters, adding it cannot expand production capacity any
faster than promised.
China, the world's top oil importer, will broaden its tax
credit rebates, postpone social security payments and loan repayments, roll out
new investment projects and take other steps to support the economy, state
television quoted the cabinet as saying on Monday.
Shanghai, China's commercial hub, aims to normalise life
from June 1 as its coronavirus caseloads decline, though rising new Covid-19
cases in Beijing raised concerns for further curbs.
Meanwhile, the European Union will likely agree an embargo
on Russian oil imports "within days," according to its biggest member
Germany, as Moscow said it saw its economic ties growing with China after being
isolated by the West over its invasion of Ukraine.
- Reuters
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