Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:11 pm
All countries
520,723,315
Recovered
Updated on June 26, 2022 8:11 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:11 pm
Thursday, August 11, 2022

Global Statistics

All countries
548,935,393
Confirmed
Updated on June 26, 2022 8:11 pm
All countries
520,723,315
Recovered
Updated on June 26, 2022 8:11 pm
All countries
6,350,765
Deaths
Updated on June 26, 2022 8:11 pm
Molderizer and Safe Shield

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A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson

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  • IMF managing director says she cannot rule recession out
  • Beijing COVID concerns weigh
  • EU oil embargo on Russian oil “in days” – German economy minister
  • Aramco CEO warns of global oil crunch due to lack of investment

SINGAPORE, May 24 (Reuters) – Oil prices fell on Tuesday as concerns over a possible recession and China’s COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season.

Brent crude futures for July slid 61 cents, or 0.5%, to $112.81 a barrel by 0402 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped 55 cents, or 0.5%, to $109.74 a barrel. Both benchmarks fell by more than $1 earlier in the session.

Brent gained 0.7% on Monday while WTI settled nearly flat.

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Multiple threats to the global economy topped the worries of the world’s well-heeled at the annual Davos economic summit, with some flagging the risk of a worldwide recession. read more

International Monetary Fund Managing Director Kristalina Georgieva said she did not expect a recession for major economies but could not rule one out. read more

“Investors were selling off as they expected higher oil prices to dent consumption for fuels worldwide,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.

While Shanghai, China’s commercial hub, aims to normalise life from June 1 as its coronavirus caseloads decline, an increase in new COVID-19 cases in Beijing have raised concerns for further curbs. read more

The Chinese capital detected 99 new cases on Sunday, up from 61 the previous day – the largest daily tally so far during a month-old outbreak that has consistently seen dozens of new infections every day.

“China’s COVID lockdowns are certainly playing a substantial role that weighs on fuel and energy demand outlook, with Beijing reporting rising positive cases, making investors concerned about expanding lockdowns into another business hub apart from Shanghai,” said Tina Teng, an analyst at CMC Markets.

Losses were limited by expectations that gasoline demand would remain high amid.

The United States is set to enter its peak driving season beginning on Memorial Day weekend at the end of this week.

An embargo on Russian oil imports will likely be agreed on by the European Union “within days,” according to its biggest member Germany, as Moscow said it saw its economic ties growing with China after being isolated by the West over its invasion of Ukraine. read more

The world is facing an oil supply crunch, with most companies afraid to invest in the sector as they face green energy pressures, the head of Saudi Aramco told Reuters, adding it cannot expand production capacity any faster than promised. read more

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Reporting by Yuka Obayashi and Isabel Kua; Editing by Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.



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