Good news for drivers of petrol cars; not so much for diesel drivers. Picture: SUPPLIEDOil prices fell on Monday, deepening a multi-week decline, as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the US and Russian threats of a production cut.
China, the world’s biggest crude oil importer, continued to loosen its strict zero-Covid policy, though streets in the capital Beijing remained quiet and many businesses stayed shut over the weekend. UBS said it believed Brent should recover to above $100 per barrel in the coming months amid supply constraints and rising demand while Opec+ would keep supply tight.
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