Oil prices fell on Tuesday as fresh COVID-19 curbs in China, the world's biggest crude importer, and fears of a global economic slowdown weighed on the outlook for fuel demand.
Brent crude futures for September had fallen $1.81, or 1.7%, to $105.29 a barrel by 0633 GMT, while U.S. West Texas Intermediate crude for August delivery was at $102.14 a barrel, down $1.95, or 1.9%.
However, fundamentals were constructive, considering the tight supply situation, which was set to continue for at least the remainder of the year, he said, adding that this would limit downside in prices. U.S. Treasury Secretary Janet Yellen is in Asia to discuss ways of further strengthening sanctions, including setting a price cap on Russian oil to limit Moscow's profits and help lower energy prices.International Energy Agency Executive Director Fatih Birol said any price caps on Russian oil should include refined products.
However, traders and analysts remain fearful that Russia will suspend the pipeline, which carries oil from Kazakhstan to the Black Sea. Suspension could disrupt 1% of global crude supply.Additionally, spare capacity at the Organization of the Petroleum Exporting Countries is running low, with most of the producers pumping at maximum capacity.
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