But the prospect of supply tightness in the physical market related to the phasing out of Russian oil capped the fall in prices
People line up outside a makeshift nucleic acid testing site during a mass testing for the coronavirus disease in Haidian district of Beijing, China April 26 2022. Picture: REUTERS/CARLOS GARCIA RAWLINSOil prices fell on Tuesday as Beijing, expanded its Covid-19 mass testing, heightening demand concerns and outweighing the prospect of supply disruptions.
Both oil contracts rose more than $1 a barrel earlier in the session following a statement from the People’s Bank of China that it will step up monetary policy support to the real economy. The parliamentary parties of Germany’s ruling coalition have called on the government to push ahead with a plan to phase out Russian oil and gas imports “as soon as possible”.
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