{"id":11044,"date":"2022-05-09T03:50:58","date_gmt":"2022-05-09T03:50:58","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=11044"},"modified":"2022-05-09T03:50:58","modified_gmt":"2022-05-09T03:50:58","slug":"oil-falls-due-to-global-economic-fears-ahead-of-the-eu-decision-on-russias-oil-ban","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/oil-falls-due-to-global-economic-fears-ahead-of-the-eu-decision-on-russias-oil-ban\/","title":{"rendered":"Oil falls due to global economic fears, ahead of the EU decision on Russia&#8217;s oil ban"},"content":{"rendered":"<h1><strong>Oil falls due to global economic fears, ahead of the EU decision on Russia&#8217;s oil ban<\/strong><\/h1>\n<p>Oil prices fell on Monday, along with Asian stock markets, on worries of a worldwide recession reducing oil consumption, with investors eyeing European Union discussions on a Russian oil embargo, which is likely to constrain global supply. By 0153 GMT, <a href=\"https:\/\/www.xtrememarkets.com\/US\/commodities-category\/\"><strong>Brent crude<\/strong><\/a> had fallen 28 cents, or 0.3 percent, to $112.11 per barrel. West Texas Intermediate oil in the United States was trading at $109.36 per barrel, down 41 cents, or 0.4 percent.<\/p>\n<p>&#8220;The key reasons that impact the oil price are the broader risk-off mood fueled by recession worries, and China&#8217;s lockdowns,&#8221; CMC Markets analyst Tina Teng said. Concerns about interest rate rises and lengthy COVID-19 lockdowns in China, which are harming the world&#8217;s second largest economy, have also rattled global financial markets.<\/p>\n<p>&#8220;China&#8217;s continued restrictions may continue to impact on short-term oil prices,&#8221; Teng added. Saudi Arabia&#8217;s price drop reflected concerns about global oil consumption, she added. On Sunday, Saudi Arabia, the world&#8217;s largest oil exporter, reduced crude prices for Asia and Europe for June. Brent and WTI jumped for the second week in a row last week on supply worries after the European Commission suggested a phased restriction on Russian oil as part of its toughest-yet package of measures related to the Ukraine war. The plan requires a vote by all EU members.<\/p>\n<p>However, Bulgaria&#8217;s Deputy Prime Minister stated late Sunday that if the proposed embargo is not lifted, the nation will reject EU oil penalties against Russia.&#8221;The negotiations will continue tomorrow and maybe on Tuesday, with a meeting of the leaders required to finalise them. Our stance is unequivocal. If certain nations receive a dispensation, we would like to receive one as well &#8220;Vassilev told BNT national television.<\/p>\n<p>Bulgaria had previously stated that if such opt-outs were permitted, it would seek an exemption from the planned Russian oil ban, but it was unclear if it was seeking a full exemption or a delay similar to the one suggested on Friday for Hungary, Slovakia, and the Czech Republic. According to Teng, the exclusions &#8220;will surely make the punishments less effective.&#8221;<\/p>\n<p>G7 nations committed on Sunday to limit or phase down Russian oil imports, as Washington imposed further penalties on Gazprombank executives and other firms. Japan, a member of the G7 and one of the top five oil importers in the world, would restrict Russian crude imports &#8220;in principle,&#8221; Prime Minister Fumio Kishida said on Sunday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil falls due to global economic fears, ahead of the EU decision on Russia&#8217;s oil ban Oil prices fell on Monday, along with Asian stock markets, on worries of a worldwide recession reducing oil consumption, with investors eyeing European Union discussions on a Russian oil embargo, which is likely to constrain global supply. 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