The uptrend of oil was reversed

Brent crude fell 28 cents, or 0.3 percent, to $ 112.11 a barrel on the New York Mercantile Exchange.

West Texas Intermediate rose 41 cents, or 0.4 percent, to $ 109.36 a barrel.

“Widespread risk aversion was driven by fears of a recession, and China’s coronary quarantines have been a major factor pushing up oil prices,” said Tina Tong, an analyst at CMC Markets. Continued Chinese quarantines will have a negative impact on oil prices in the short term. The drop in oil prices by Saudi Arabia also reflects concerns about global demand for oil.

Saudi Arabia, the world’s largest oil exporter, cut oil prices for Asia and Europe in June.

Global financial markets are also appalled by rising interest rates and continued coronary quarantine in China, which has hurt the world’s second-largest economy.

Brent and West Texas Intermediate oil rose for the second week in a row last week in response to the prospect of EU sanctions against Russian oil, which heightened concerns about supply shortages.

Bulgaria’s deputy prime minister said on Sunday that he would veto EU oil sanctions against Russia if the country did not receive a moratorium on sanctions. “Negotiations will continue tomorrow and a meeting of the heads of state is necessary to reach a conclusion,” he told BNT. Our position is quite clear. If there was an exemption for other countries, we would also like to receive an exemption.

Bulgaria has previously said it would seek an exemption from proposed sanctions against Russian oil, but it is unclear whether it has applied for a full exemption or a similar deadline offered on Friday to Hungary, Slovakia and the Czech Republic. These exemptions will definitely reduce the impact of sanctions.

The G7 countries pledged to cut off Russian oil imports on Sunday, according to Reuters, and Washington imposed new sanctions on Gazprom Bank executives and other companies.