Oil falls with eyes on China and Iran
“Black gold” prices remain in negative territory at the beginning of the week, with investors worried about Chinese demand and the possibility of higher Iranian supply.
In London, North Sea Brent, which is the benchmark for European imports, continues to decline 1.56% to US$96.62 per barrel.
West Texas Intermediate (WTI), a benchmark for the United States, dropped 1.61% to $90.61 per barrel.
China’s central bank cut interest rates as a strategy to support its economy, weakened by the pandemic. The country’s demand for oil last month was 10% lower than last year, Bloomberg notes.
“Renewed lockdowns in China are weighing on demand, in addition to concerns about a recession, while supply concerns have eased,” Vandana Hari, founder of Vanda Insights, tells Bloomberg. The possibility of a return of Iranian oil fuels this sentiment, she stresses.
The process to resume the nuclear deal with Iran appears to be moving forward, with a spokesman for the Iranian Foreign Ministry indicating that there is already a basis for signing such an agreement “in the very near future”, after “considerable” progress. in the last negotiations.
Source: Jornal de Negócios by www.jornaldenegocios.pt.
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