Crude oil prices extended their decline and fell to a two-week low early on Tuesday on hopes of peace talks between Russia and Ukraine and driven by expectations of a fall in demand from China as the country battles a surge in the Omicron variant of the coronavirus cases.
BEIJING: On Tuesday, oil prices fell to a two-week low following continued ceasefire talks between Russia and Ukraine and concerns about demand in China following an upswing in COVID-19 cases. After falling 5.1 percent the day before, Brent futures fell $4.20 or 3.9 percent to $102.70 by 0125 GMT. For the first time since Mar. 1, West Texas Intermediate crude fell below $100,
Oil rose more than 1 percent on Monday to the near 7-year highs hit in the previous session, while supply concerns and political tension in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year. Brent crude rose $1.28, or 1.4 percent, to $91.31 a barrel at 0721 GMT, after adding 69 cents on Friday. The front-month contract for
SINGAPORE: Oil prices edged up on Monday as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the omicron coronavirus variant. Brent crude futures gained 9 cents, or 0.1 percent, to $86.15 a barrel by 0539 GMT. Earlier in the session, the contract touched its highest since Oct. 3, 2018 at $86.71. US West Texas