Brent crude fell $1.05 to $78.30 a barrel by 1020 GMT, while U.S. crude was down $1.24 to $73.01
Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply.
Brent crude fell $1.05, or 1.3 per cent, to $78.30 a barrel by 1020 GMT. It touched $77.74 earlier, the lowest since Jan. 3. U.S. crude was down $1.24 or 1.7 per cent to $73.01 and touched $72.25, the lowest since late December. Brent settled below $80 on Tuesday for the only the second time in 2022 and has unwound the year’s gains, which had lifted prices close to the all-time high of $147 in March after Russia invaded Ukraine.
“The geopolitical risk premium has all but disappeared, but inflation concerns have not,” oil broker PVM said. “Clearly, investors are not worried the least about any potential supply shortage that might be the result of the price cap and the EU ban on Russian oil sales.”China announced on Wednesday the most sweeping changes to its anti-COVID regime since the pandemic began, loosening rules that curbed the spread of the virus but hobbled the world’s second largest economy and sparked protests.
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