Oil retreats from April highs

Oil futures fell early Tuesday, retreating from their highs for the month as investors weigh a supply outage in Libya and China’s COVID lockdowns.

price action
  • West Texas Intermediate Crude for May delivery CL00,
    -1.54%

    CL.1,
    -1.54%

    CLK22,
    -1.54%
    fell $1.31, or 1.2%, to $106.90 a barrel on the New York Mercantile Exchange.

  • June Brent Crude Oil BRN00,
    -1.36%

    BRNM22,
    -1.36%,
    the global benchmark fell $1.32, or 1.2%, on ICE Futures Europe to $111.84 a barrel. Front month contracts for WTI and Brent ended Monday at their highest levels in April.

market leader

Oil was lifted on Monday when two Libyan ports halted oil shipments due to the closure of the Sharara oil field, the country’s largest, news reports said. The move came amid heightened supply concerns in the wake of Russia’s invasion of Ukraine, with European countries weighing plans to eventually phase out Russian energy imports.

Meanwhile, COVID-19 lockdowns in China have held back the market.

“The regional lockdowns we are seeing have clearly lasted longer than many expected and therefore this will have a larger impact on oil demand in the near-term. This weaker demand is helping to ease the tightness we are seeing in the market right now,” Warren Patterson, head of commodity strategy at ING, said in a statement.

Ukraine said Russia has begun a new phase in its invasion by launching a full-scale ground offensive to seize control of the country’s industrial heartland, Donbass. The targeted attack on the eastern Ukraine region was expected as Russian forces retreated from the area around the capital Kyiv after being stopped by Ukrainian forces.

https://www.marketwatch.com/story/oil-pulls-back-from-april-highs-11650369080?rss=1&siteid=rss Oil retreats from April highs

Brian Lowry

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