Oil prices fell more than $5 on Monday as concerns grew about slowing fuel demand in China after authorities in the country’s financial hub Shanghai said they would implement a two-stage shutdown to contain an increase in coronavirus cases.<\/p>\n\n\n\n
Brent crude futures fell to $115.32 and fell $5.15, or 4.3 percent, to $115.50 at 0731 GMT.<\/p>\n\n\n\n
And US West Texas Intermediate crude futures recorded their lowest level at 108.28 dollars a barrel, down 5.30 dollars, or 4.7 percent, to 108.60 dollars.<\/p>\n\n\n\n
Both contracts rose 1.4 percent on Friday, marking their first weekly increase in three weeks, with Brent rising more than 11.5 percent and West Texas Intermediate crude 8.8 percent.<\/p>\n\n\n\n
On Sunday, the Shanghai city government said all businesses and factories would shut down or have employees work remotely as part of a two-phase shutdown over nine days, after the city set a new record for asymptomatic cases.<\/p>\n\n\n\n
Public transportation, including transportation services, will also be suspended during the closure, further reducing fuel demand.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ are scheduled to meet on Thursday.<\/p>\n\n\n\n
OPEC + has so far resisted calls from major consuming countries, including the United States, to increase production. Instead, OPEC+ has been increasing production by 400,000 barrels per day every month since August to mitigate the impact of cuts made when the Covid pandemic affected demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell more than $5 on Monday as concerns grew about slowing fuel demand in China after authorities in the country’s financial hub Shanghai said they would implement a two-stage shutdown to contain an increase in coronavirus cases. Brent crude futures fell to $115.32 and fell $5.15, or 4.3 percent, to $115.50 at 0731 …<\/p>\n","protected":false},"author":9,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6917,8559,6936,6875,8854,9007,7534,7963,6909],"class_list":["post-62782","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-eu","tag-houthis","tag-oil-prices","tag-russia","tag-russian-invasion-of-ukraine","tag-russian-oil","tag-sanctions","tag-saudi-aramco","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62782"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62782\/revisions"}],"predecessor-version":[{"id":62783,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62782\/revisions\/62783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}