Oil prices lose ground on China lockdown, demand concerns
by ChemOrbis Editorial Team - content@chemorbis.com
Global crude oil futures tumbled by 2% on Friday, as the upsurge in new COVID-19 cases around the globe, including in China, outweighed the optimism over the fresh US stimulus package and the impact of Saudi supply cut. The pandemic measures raised questions over the recovery of demand outlook once again.
That being said, West Texas Intermediate (WTI) crude for February fell $1.21 to settle at $52.36/barrel on Friday. Similarly, global benchmark Brent oil for March delivery settled down $1.32 to $55.10 from its previous closing level on Thursday.
The downward pressure on the energy market has been extended into Monday, with both WTI and Brent crude oil futures trading nearly 1% lower during the intraday trading at the time of writing.
That being said, West Texas Intermediate (WTI) crude for February fell $1.21 to settle at $52.36/barrel on Friday. Similarly, global benchmark Brent oil for March delivery settled down $1.32 to $55.10 from its previous closing level on Thursday.
The downward pressure on the energy market has been extended into Monday, with both WTI and Brent crude oil futures trading nearly 1% lower during the intraday trading at the time of writing.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- African PE, PP markets extend slide into May
- Asian PS, ABS markets at 2½-3-year lows amid Chinese oversupply
- India’s Q1 PVC imports hit record-high; did buyers rush to stock up before expected restrictions?
- LDPE prices move below LLDPE, HDPE on global lethargy
- Slide deepens in Middle Eastern PP, PE markets through May
- Oil prices down for fourth straight week, delicate balance ahead
- European ABS under pressure from aggressive imports, PS holds firm
- Türkiye witnesses plentiful PE offers amid globally weak demand
- India PP, PE markets’ slump extends into third month ahead of monsoon
- PP sellers trim May offers further, prices hit 3-month low in Europe
