Oil prices have fallen by about 7% and have settled to their lowest levels in over a week.

Oil prices fell by about 7% to their lowest levels in more than a week, as the worsening epidemic of COVID-19 in China could undermine energy demand. Expectations for progress in peace talks between Russia and Ukraine helped ease risk concerns. Energy supply.

West Texas Intermediate crude oil delivered in May fell about 7% to $ 103.63 a barrel on the New York Mercantile Exchange, while global benchmark Brent crude fell 6.8% to trade at $ 106.96 a barrel on ICE Futures Europe. I’m done.

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“The global market may be addressing the effectiveness of China’s zero-tolerance policy towards Covid and only the tip of the iceberg, increasing demand and supply chain disruption,” said managing partner Stephen Ines. I’m a little nervous about the possibilities. ” With SPI Asset Management, a note to the client.

Meanwhile, United Arab Emirates Source of energy Minister doubled on Monday oil The alliance with Russia helped raise crude oil prices to record highs during the Moscow war. Ukraine Rattle the market, send energy, Goods Goods The price is soaring.

The OPEC logo is drawn before an informal meeting between members of the Organization of Petroleum Exporting Countries (OPEC) in Algiers, Algeria. (Reuters / RamziBoudina)

The minister said Russia, which holds 10 million barrels of oil per day, is an important member of the global OPEC + energy alliance.

“Politics aside, we need that amount today. I don’t think anyone can replace Russia unless someone is willing to come and bring 10 million barrels,” said Suhail Al Mazulowei. No, “he said.

The alliance, led by Saudi Arabia and Russia, has the ability to increase oil production and lower oil prices that have skyrocketed above $ 100 a barrel.

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The United States, European countries, Japan and others are calling on Gulf Arab oil producers to do more to help lower prices. British Prime Minister Boris Johnson visited the UAE and Saudi Arabia directly this month. He raised the issue.

Al-Mazrouei described the OPEC + alliance as being here to defeat the proposal that the UAE will attack on its own and unilaterally increase production.

“Being together, staying focused and not allowing politics to join this organization … we always have to stay away from politics no matter what we do as a nation in terms of production and this work. I always believe. “-Mazuroei has been added.

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The OPEC + Alliance is sticking to plans to gradually increase oil production based on transactions made during high oil production. Coronavirus pandemic Blockade when producers cut production significantly to compensate for the plunge in fuel demand. Rising oil prices were good for oil-producing countries. Despite efforts to diversify, Gulf Arab countries continue to rely heavily on energy exports to fuel their economies.

―――― The Associated Press contributed to this report.

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