Reuters: China 'Crashed Down' Oil Prices

There are two reasons for the fall in price.

Oil has fallen in price on global markets. Brent crude futures fell 30 cents to $77.82 a barrel. West Texas Intermediate (WTI) fell 4 cents to $72.77.

This is reported by Reuters. It is noted: there are two main reasons for the drop in price. These are:

recovery of demand for the resource in China;

purchase of deposits of loans from bankrupt SVB by US bank holding company First Citizens BancShares Inc.

"China's crude oil imports are expected to rise 6.2% to 540 million tonnes in 2023. China's manufacturing and service sector business activity indices will be the main economic driver for oil prices, as positive data is likely to further improve the demand outlook," it said.

The United States increased the amount of crude oil in its reserves. According to the authors of the material, last week this indicator increased by 200 thousand barrels.