Oil prices fall amid uncertainty around supply, demand

Global oil prices have fallen sharply, while investors are evaluating the prospects for changes in the structure of crude purchases on the market, Report informs referring to the auction data.

July futures for Brent crude fell by 2.01% to $103.81 per barrel, and June futures for WTI fell by 1.95% to $101.08.

Oil prices fell 5.8% on May 9, the biggest daily drop since March. Investors drew attention to reports that EU envoys on May 8 failed to reach an agreement on sanctions against Russia, as some countries oppose a full embargo on Russian oil. On May 10, quotations continued their descending movement as investors are assessing the likelihood that the EU will ease its sanctions package.

Earlier on May 10, the head of European diplomacy, Josep Borrell noted that discussions around the package of anti-Russian sanctions are ongoing, although some difficulties remain.

In addition, the markets are concerned about the data on exports from China, which grew much weaker in April than in March.