Oil prices fall amid possible decrease in demand

Oil fell in price on April 22 morning by more than 1%, investors assess the prospects for a decrease in demand for it, primarily in China, Report informs referring to the auction data.

The price of June futures for Brent crude oil fell by 1.2% to $107.03 per barrel, June futures for WTI fell by 1.22% to $102.52.

Oil investors on April 22 assess the prospects for a decrease in demand for oil amid the outbreak of coronavirus in China and, as a result, increased restrictions on movement in the country.

Oil declines in early Asian trading as China’s coronavirus lockdowns and the resulting decline in mobility signal a normalization in demand for fuel, and therefore for oil, ANZ analysts told the Wall Street Journal.