Oil prices fall 3% on expectations of lower demand in China

Global oil prices fell on April 25 morning by just over 3% in light of increased expectations of lower demand for crude due to the spread of COVID in China, the WTI grade is already under $100 per barrel, Report informs referring to the auction data.

The price of July futures for Brent crude fell by 3.02% to $102.94 per barrel, June futures for WTI fell by 3.06% to $98.95.

On April 23, Beijing authorities warned of the possible emergence of new cases of COVID-19, and the expected new socio-economic lockdowns in this regard could lead to a marked decrease in demand for raw materials in China, the largest oil importer.