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The price of Brent crude on the London Stock Exchange closed the trading session below $ 100 a barrel for the first time in three weeks, reflecting concerns about China’s economic outlook and demand for crude oil in a new Covid-19 wave.
“We have good news and bad news. The good news is that oil prices have fallen sharply (..) The bad news is that the sharp fall in oil prices is due to growth concerns,” said Patrick O’Heer, an analyst at Briefing.com .
China reported 5,280 new cases of Covid-19 on Tuesday, more than double the number of new cases the previous day. A highly contagious form of the coronavirus omicron is now spreading in China, which has adhered to a zero covid strategy.
The U.S. Dow Jones Industrial Average rose 1.8% to 33,544.34 points on Tuesday, the Standard & Poor’s 500 rose 2.1% to 4,262.45 points, and the indexNasdaq Composite “increased by 2.9% to 12,948.62 points.
The London Stock Exchange index FTSE 100 fell 0.3% to 7175.70 points on Tuesday, the Frankfurt stock exchange index DAX 30 fell 0.1% to 13,917.27 points, while the Paris stock exchange index CAC 40 fell 0.2% to 6355 .00 points.
In the New York Stock Exchange, the price of WTI crude oil fell 6.4% to $ 96.44 a barrel on Tuesday. The price of Brent crude oil fell 6.5% to $ 99.91 a barrel on the London Stock Exchange.
The euro rose from 1.0940 to 1.0951 dollars per euro on Tuesday, the British pound rose from 1.3002 to 1.3036 dollars per pound, and the US dollar rose from 118.19 against the Japanese yen. to 118.33 yen per dollar. The euro fell against the pound sterling from 84.14 to 83.92 pence per euro.
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