Oil prices continued to decline today, Tuesday, after the European Union eased its proposed sanctions on Russian crude exports, and as concerns persisted about economic growth.
The European Union is set to scrap a proposed ban on its own-owned ships transporting Russian crude after objections from members including Greece, and is in talks on a sixth package of sanctions. .
In addition to fears of a resurgence of the (Covid-19) virus in China, as the epidemic-related shutdowns affected economic activity, Chinese Premier Li Keqiang warned From a complex and dangerous employment situation, with tightening restrictions in an effort to contain the spread of the disease.
Brent crude futures for July delivery fell 1.32%, or $1.40, to $104.54 a barrel, after falling 5% yesterday by the largest daily percentage since March.
The US crude futures contract for June delivery also fell today by 1.32%, or a value of $1.36 at $101.73 a barrel.
