Oil prices are falling despite expectations of an EU embargo.
Tuesday, May 3, 2022

Oil prices are falling despite expectations of an EU embargo.

Oil prices fell in trading on May 2 as pessimistic expectations related to an economic growth slowdown in China outweighed fears of potential disruptions in raw material supplies due to a possible EU ban on Russian oil. Brent oil futures fell 0.6% to $106.43 a barrel, as did West Texas Intermediate (WTI) futures at $103.99 a barrel. Prices reportedly fell after China released data on Saturday showing that China’s economy, the second largest in the world, has declined for the second month in a row to its lowest level since February 2020 due to Covid outbreak-related lockdowns.

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