Oil declines amid demand concerns

28/04/2022 Argaam

Oil prices declined today, April 28, as global demand concerns continue amid the rising spread of COVID-19 in China.

 

Brent crude was trading down 0.66% at $104.63 per barrel, at 10:03 am Makkah time. West Texas Intermediate (WTI) crude fell 0.58% to $101.43 a barrel.

 

The oil market has witnessed a period of fluctuation in trading since Russia’s invasion of Ukraine in February, and the spread of COVID-19 in China.

 

The Russian Finance Ministry said that the country's oil production may fall by 17% this year as buyers avoid Russian crude.

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