Brent oil falls to $89.52 per barrel

Benchmark oil continued to decline for the third session in a row, Report informs referring to Interfax.

Economic uncertainty in China, the world’s largest oil importer, and the possibility that US interest rates will remain high longer than expected are weighing on demand forecasts.

At the same time, an “alarming calm” has reigned in the market as traders expect Israeli retaliation to Iran’s actions, said Phil Flynn, senior market analyst at Price Futures Group, as quoted by MarketWatch.

The price of June futures for Brent on the London ICE Futures exchange amounted to $89.52 per barrel, which is $0.5 (0.56%) lower than the closing price of the previous session. On April 16, these contracts fell $0.08 (0.1%) to $90.02 per barrel.

WTI oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) in the morning decreased by $0.51 (0.6%) and amounted to $84.85 per barrel. At the end of the last session, the contract price fell by $0.05 (0.1%) to $85.36 per barrel.