Global oil prices fell on May 20 morning, investors discussed the possibility of increasing the supply of oil from Russia to China, Report informs referring to the auction data.
The price of July futures for Brent crude fell by 0.62% to $111.34 per barrel, July futures for WTI fell by 0.88% to $108.92.
Oil prices are falling on May 20 morning amid the prospects for an increase in oil prices in China at the expense of Russian supplies. According to media reports, China is discussing with the Russian Federation the purchase of oil for the strategic reserve, negotiations are underway at the government level.
This would be a sign of strengthening energy ties between them, and could weaken the impact of European efforts to limit Russian oil exports, the Wall Street Journal reports.