[Tokyo 15th Reuters]–Asian time crude oil futures fell and hit a low for the first time in two weeks. As the ceasefire negotiations between Ukraine and Russia continue, there are concerns that fuel demand will decrease due to the introduction of new movement restrictions in China, where the new coronavirus infection is re-expanding.
By 0125 GMT (10:25 am Japan time), North Sea Brent futures are down $ 4.20 (3.9%) to $ 102.70 a barrel. It was down 5.1% the day before.
US WTI futures are down $ 4.30 (4.2%) to $ 98.71. It has fallen below $ 100 for the first time since March 1. It was down 5.8% the day before.
Toshitaka Tazawa, an analyst at Fujitomi Co., Ltd., pointed out that expectations for progress over the ceasefire talks between Russia and Ukraine are supporting the view of easing market tightness. In addition, concerns about a slowdown in demand have emerged due to a new lockdown in China.
The number of corona infections confirmed earlier this year in China has exceeded the total for the last year. Jilin Province in the northeastern part, which accounts for more than 30% of the total, announced on the 14th measures to restrict the movement of residents to outside the province.
Russian and Ukrainian delegations negotiated a fourth ceasefire on the 14th, but no new progress was announced. Ukrainian President Volodymyr Zelensky has stated that negotiations will continue on the 15th. He also revealed that he had met with Israeli Prime Minister Bennett as part of a negotiation effort to end the war with Russia with “fair peace.”
