Global benchmark Brent was little changed below $88 a barrel after sinking almost 9% last week. At the weekend, China reported its first Covid-19 death in almost six months, sparking fears of further curbs in the world’s top oil importer. In addition, investors are concerned further aggressive monetary tightening will hurt energy demand.
A looming European Union ban on Russian seaborne flows and Group of Seven price-cap plan are clouding the outlook, with officials possibly set to announce the cap’s level on Wednesday as they step up their response to Moscow’s invasion of Ukraine.
CONNECT WITH US
45th Floor, GT Tower International, Ayala Ave.
cor. H.V. dela Costa St., Makati City