Oil prices fall on concerns about demand in China

Global oil prices on April 28 morning fell by more than 1%, investors continue to worry about the situation with demand in China, Report informs referring to the auction data.

The price of July futures for Brent crude fell by 1.4% to $103.48 per barrel, June futures for WTI - by 1.3% to $100.69.

Oil prices remain influenced by the situation in China. Thus, in the country, which is one of the largest consumers of oil, strict COVID restrictions remain, which makes traders fear for the demand for it.

China has already seen significant demand losses in recent weeks related to efforts to contain the spread of COVID-19, with new concerns emerging as the number of cases in Beijing rises, Market Watch analysts noted.