Oil prices are dropping to more than $ 100 a barrel, down in a second straight session

Oil prices are dropping to more than $ 100 a barrel, down for the second straight session

Crude oil prices continued to fall and fell to a two-week low on Tuesday amid hopes of peace talks between Russia and Ukraine and boosted by declining demand from China as the country struggles with the rise of the Omicron variant of coronavirus. cases.

Brent’s global benchmark gross futures fell nearly 4 percent to around $ 103, after falling above 5 percent on Monday.

Fatih Birol, head of the International Energy Agency (IEA), has helped ease oil concerns by urging oil-producing countries to pump up more to stabilize markets affected by the war in Ukraine.

According to Reuters, while Prime Minister Boris Johnson is trying to persuade Saudi Arabia to increase oil production, a top minister said on Monday that after reports, Mr Johnson would go to OPEC heavyweight this week.

“Crude has been under pressure from Russia and Ukraine to step up its efforts to increase the number of virus cases in China and make a profit before the Fed’s decision. and we can see a bit of stability as the focus shifts to the weekly inventory report, ”said Ravindra Rao Kotak, head of Securities Merchandise Research.

On Tuesday, China saw a sharp rise in COVID-19 infections, registering 5,280 new cases – more than doubling the number of new symptomatic cases from two days earlier to two years as the spread of the virus spread rapidly in the north-east of the country.

The record figure was boosted by a nationwide rise in Omicron, with more than 3,000 home transmissions.

Ukrainian President Volodymyr Zelensky said on Monday night that negotiations with Russia, the world’s second-largest exporter, would continue on Tuesday.

Zelensky also said he had spoken to Israeli Prime Minister Naftali Bennett as part of a negotiating effort to end the war with Russia “with a just peace.”

The United States warned China on Monday that Moscow was “alive” in its opposition to invading Ukraine.

“Expectations of positive developments in the ceasefire talks with Russia and Ukraine have raised hopes of easing tensions in the crude world market,” Fujitomi Securities analyst Toshitaka Tazawa told Reuters.

“New blockades to reduce the COVID-19 pandemic in China have also raised concerns about slowing demand,” he added.

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