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Oil prices fall on concerns over recession, China COVID curbs

By Yuka Obayashi and Isabel Kua SINGAPORE (Reuters) -Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed an...
Oil prices fall on concerns over recession, China COVID curbs © Reuters. FILE PHOTO: 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

By Yuka Obayashi and Isabel Kua

SINGAPORE (Reuters) -Oil prices fell by more than $1 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 fell $1.34, or 1.2%, to $112.08 a barrel by 0606 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped $1.28, or 1.2%, to $109.01 a barrel.

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

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

International Monetary Fund Managing Director KristalinaGeorgieva said she did not expect a recession for majoreconomies but could not rule one out.

"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 has raised concerns for further curbs.

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 tight supplies.

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.

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 (TADAWUL:2222) told Reuters, adding it cannot expand production capacity any faster than promised.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

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Moving Avg:

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Sell (12)

Indicators:

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Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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Indicators:

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

-7.10 (-0.31%)

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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Natural Gas Futures

1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

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DAX

17,921.95

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FTSE 100

8,144.13

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17,763.03

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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Neutral

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49.155

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Bayer AG NA

27.35

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266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
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SJC 1c, 2c, 5c7,380/ 7,550
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SJC 99,99%7,370/ 7,470
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(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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Ngoại tệMua vàoBán ra
USD25.088,0025.458,00
EUR26.475,3627.949,19
GBP30.873,5232.211,36
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KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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