{"id":26126,"date":"2022-09-12T14:41:56","date_gmt":"2022-09-12T14:41:56","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china"},"modified":"2022-09-12T14:56:00","modified_gmt":"2022-09-12T14:56:00","slug":"oil-retreats-over-protracted-demand-woes-in-china","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china","title":{"rendered":"Oil retreats over protracted demand woes in China"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil prices declined on Monday amid demand worries as China\u2019s strict zero-COVID policy continues to weigh on market sentiment along with fears of an economic slowdown.<\/p>\n

International benchmark Brent crude traded at $92.29 per barrel at 10.03 a.m. local time (0703 GMT) for a 0.59% loss from the closing price of $92.84 a barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at $86.11 per barrel at the same time for a 0.78% decrease after the previous session closed at $86.79 a barrel.<\/p>\n

Oil investors started the week with unfolding demand fears caused by China\u2019s strict pandemic measures, as the country last week extended lockdown measures in the western city of Chengdu, a city home to almost 21 million people.<\/p>\n

\u201cHundreds of millions of Chinese who typically hit the roads and domestic flights during the Mid-Autumn Festival – falling on Sept. 10 this year – and early October’s Golden Week holidays are expected to stay home to avoid being ensnared by sudden lockdowns to curb the spread of COVID-19,\u201d said Mukesh Sadhav, head of downstream and oil trading at consultancy Rystad Energy.<\/p>\n

Sadhav said lockdowns in key cities such as financial hub Shanghai have already hurt China’s oil demand in the second quarter, while recovery for the rest of the year is expected to be slow as China adheres to its zero-COVID policy.<\/p>\n

\u201cThis could cap intake of the world’s top crude oil importer and dent global oil prices,\u201d he added.<\/p>\n

Investors are monitoring how EU sanctions and recent price caps on Russian oil exports will reshape the supply map and impact geopolitics.<\/p>\n

In line with the sixth sanctions package, EU leaders agreed earlier in July on a 90% reduction in Russian oil imports by the end of the year.<\/p>\n

The plan also includes phasing out Russian crude oil supplies by Dec. 5 and the supply of refined products by Feb. 5.<\/p>\n

The EU\u2019s plan to partially ban Russian oil was followed by the bloc\u2019s recent move to cap Russia’s crude oil export prices. Russia, however, retaliated by closing its key Nord Stream pipeline that supplies gas to Europe \u201cdue to a technical issue\u201d.<\/p>\n

Investors will be keeping tabs on the latest demand and supply data to be published by the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) on Tuesday and Wednesday, respectively.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Oil prices declined on Monday amid demand worries as China\u2019s strict zero-COVID policy continues to weigh on market sentiment along with fears of an economic slowdown. International benchmark Brent crude traded at $92.29 per barrel at 10.03 a.m. local time (0703 GMT) for a 0.59% loss from the closing price of $92.84 […]<\/p>\n","protected":false},"author":84,"featured_media":26125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-26126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nOil retreats over protracted demand woes in China - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil prices declined on Monday amid demand worries as China\u2019s strict zero-COVID policy continues to weigh on market senti ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil retreats over protracted demand woes in China\" \/>\n<meta property=\"og:description\" content=\"Oil prices declined on Monday amid demand worries as China\u2019s strict zero-COVID policy continues to weigh on market senti ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-12T14:41:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-12T14:56:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/09\/postQueueImg_5-631f486694019.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil retreats over protracted demand woes in China\",\"datePublished\":\"2022-09-12T14:41:56+00:00\",\"dateModified\":\"2022-09-12T14:56:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china\"},\"wordCount\":408,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/09\/postQueueImg_5-631f486694019.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-retreats-over-protracted-demand-woes-in-china\",\"name\":\"Oil retreats over protracted demand woes in China - 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