Oil prices fall below $ 110

Oil prices fell on Monday, following the release of weak Chinese economic data and concerns about a global recession that could reduce demand for oil, according to Reuters. Investors are waiting for the outcome of EU negotiations on a Russian oil embargo.

Brent North Sea crude traded down $ 10.51 at $ 109.88 a barrel.

US crude traded down $ 2, 51 cents, at $ 107.26 a barrel.

Tina “Concerns about the recession and China’s quarantine restrictions are a major factor pushing up oil prices,” said Tang, a CMC market analyst.

China crude oil imports, large Most Crude oil importer per month April Compared to the same period last year, it has increased by nearly 7%, although the import figure in the first 4 months of this year has decreased by 4.8%.

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