Oil prices fell slightly on Monday morning. A barrel (159 liters) of North Sea Brent cost around 11:30 a.m. 106.27 US dollars. That was 0.5 percent less than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety fell 0.8 percent to $ 103.52.
Oil prices were weighed down by reports from China, according to which corona infections in metropolises like Shanghai rose again at the weekend. The People’s Republic is taking tough measures to prevent the virus from spreading, which is a heavy burden on the economy and also affects oil demand. As the second largest economy in the world, China is one of the largest oil consumers.
Oil prices have also fallen in recent weeks. The reason is fears that the global economy could fall into recession. However, oil prices are still at a high level. The decisive factor is above all Russia’s war against Ukraine and the associated shortage of Russian oil. Compared to the beginning of the year, they are about 35 percent higher.
The price of gold also fell slightly. In London, the troy ounce (31.10 grams) was down 0.3 percent at $1,737.50.