Brent Crude: futures cut early gains to trade nearly 1% lower around $112 a barrel on Tuesday although market volatility is set to continue as traders digest concerns of falling demand although supply remains.
Traders try to assess the impact of Chinese lockdowns on global fuel demand although the authorities in China said the pandemic impact will be “rapidly restored” as manufacturing plants prepared to reopen in Shanghai.
Meanwhile, Libya said it could not deliver oil from the Sharara oil field, the country’s biggest, after shutting the El Feel oil field due to political protests. Also, OPEC+ produced 1.45 mln bpd below its production targets in March, as Russian output began to decline, according to Reuters.
