Oil prices fell on Tuesday, after the imposition of new restrictions to contain Covid-19 in China and fears of a global economic slowdown affected the outlook for fuel demand.<\/p>\n\n\n\n
The price of benchmark Brent crude in September contracts fell by $1.81, or 1.7 percent, to $105.29 a barrel, and West Texas Intermediate crude in August contracts fell 1.95 cents, or 1.9 percent, to $102.14 a barrel.<\/p>\n\n\n\n
Several Chinese cities are implementing new restrictions to contain COVID-19, from closing some businesses to completely shutting down to contain new infections with the emergence of the new fast-spreading sub-mutant.<\/p>\n\n\n\n
Western sanctions imposed on Russia over its war in Ukraine, which Moscow describes as a “special military operation”, have disrupted commercial flows of crude oil and fuel.<\/p>\n\n\n\n
Oil prices also fell as fears of a disruption of the Caspian pipeline consortium eased after a Russian court on Monday overturned an earlier ruling to block the pipeline for 30 days.<\/p>\n\n\n\n
But traders and dealers remained afraid of the suspension of the pipeline that transports crude from Kazakhstan through the Black Sea. Its suspension could affect 1 percent of global oil supply.<\/p>\n\n\n\n
US President Joe Biden will call on the Organization of the Petroleum Exporting Countries (OPEC) to increase production when he meets Gulf leaders in Saudi Arabia this week.<\/p>\n","protected":false},"excerpt":{"rendered":"
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