The Strategist

Oil prices fall on fears for demand in China

04/28/2022 - 10:03

According to market statistics, global oil prices are down more than 1% on Thursday morning as investors remain concerned about demand in China.

Brent crude prices declined 1.4 percent to $103.48 a barrel on Thursday morning, while WTI futures fell 1.3 percent to $100.69 a barrel.

The situation in China continues to influence oil prices. For example, the country, which is one of the largest users of the resource, continues to suffer anti-commodity laws, which makes merchants apprehensive of demand.

"China has already experienced considerable demand losses in recent weeks as a result of measures to contain the spread of COVID-19, with additional concerns growing as the number of cases in Beijing rises," according to Schneider Electric commodities analyst Robbie Fraser, as quoted by Market Watch.