Oil prices fall amid Ukraine ceasefire talks, China’s demand concerns
Arab News says 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, declining $4.30 or 4.2 percent to $98.71 a barrel. The previous day, the price dropped 5.8 percent.
According to analyst Toshitaka Tazawa at Fujitomi Securities, “expectations of positive developments in the Russia-Ukraine ceasefire talks bolstered hopes to ease tightness in the global crude market.”
https://www.arabnews.com/node/2042786/business-economy
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