Crude oil prices declined on Tuesday trading due to demand worries from China and the country’s weak manufacturing activity data even though prices are getting support from a possible European Union ban on Russian oil.
Brent crude oil July futures were trading at $106.10 per barrel on May 3 as of 09:57 UTC after hitting a high of around $108.30 in the day. The current downward pressure on oil prices came due to concerns about China’s COVID-19 situation. Several dozen Chinese cities continue to remain under partial or full lockdown due to COVID-19 cases and a strict zero-COVID policy by the Chinese regime.
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