Oil prices fell on Monday, with Brent crude down 48 cents to $81.18 per barrel, while West Texas Intermediate dropped 48 cents to $77.39 per barrel. In this context, Tina Ting, an analyst at CMC Markets, pointed out that "weak U.S. economic data and disappointing corporate earnings have raised concerns about growth and led to a risk-averse stance among investors," noting that "the stability of the dollar and rising bond yields are also putting pressure on commodity markets."
The unstable recovery of the Chinese economy post-COVID-19 has created uncertainty regarding oil demand forecasts. China's imports from its two largest crude suppliers, Russia and Saudi Arabia, exceeded two million barrels per day from each.
However, refining margins in Asia have declined due to record production from the largest refineries in China and India. Central banks from the United States to the UK and Europe are expected to raise interest rates when they hold a meeting in the first week of May in an attempt to curb high inflation.
