Oil prices fell almost 5% on Tuesday, weakened by a new lockdown in China and growing fears of a global recession.
By 1440 GMT, North Sea Brent crude for October delivery was down 4.69% to $100.16, shortly after falling more than 5% to briefly below $100 a barrel. .
For its part, the US West Texas Intermediate (WTI) for delivery in September fell 4.38% to 92.76 dollars.
The meeting of central bankers held on Friday in Jackson Hole (United States) “confirmed the fears of those who worry about the bleak economic outlook induced by inflation,” said PVM Energy analyst Tamas Varga.
Investors are also concerned about the situation in China, where some four million people in the province surrounding Beijing were confined on Tuesday to try to prevent a new outbreak of Covid-19.
China continues to apply a strict health policy, unlike almost all other countries in the world, which weighs down the demand of the country, a large consumer of oil.
On the other hand, in the TTF market, in the Netherlands, the benchmark for the European gas market, the price was around 263 euros (a similar figure in dollars) per megawatt-hour (MWh) equivalent, continuing to fall and moving away from its highest since the start of the war in Ukraine, reached last week.
According to Commerzbank analysts. “It appears that Germany has been able to significantly reduce its dependence on Russian gas by reducing its consumption and switching to other suppliers.” YS
