RIYADH: Oil prices tumbled more than 1 percent Tuesday, extending the previous day’s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
Brent crude fell $1.31, or 1.2 percent, to $104.63 at 0216 GMT after slipping to as low as $103.19.
US West Texas Intermediate crude fell $1.25, or 1.2 percent, to $101.84 a barrel after hitting an intraday low of $100.44.
Japan to decide Russia oil embargo timing
Japan will decide the timing and method of a Russian oil embargo while considering actual conditions, its industry minister said on Tuesday, after Japan agreed on a ban with other Group of Seven nations to counter Moscow’s invasion of Ukraine.
To help secure a stable global supply of energy, the US has a major role to play as a producer of oil and natural gas, Japanese industry minister Koichi Hagiuda told a news conference.
Repairs at Exxon’s Montana refinery to continue for at least 3 weeks
Repairs to the crude distillation unit at Exxon Mobil Corp’s Billings refinery in Montana are planned to continue for at least another three weeks, said sources familiar with plant operations.
“The Billings refinery will resume full operations as soon as it is safe to do so,” said Exxon spokesperson Julie King.
The 58,000-barrels per day CDU was shut by a March 27 fire, the sources said. The CDU does the initial breakdown of crude oil into hydrocarbon feedstocks for all other production units at the refinery.
The repairs on the CDU could extend into June, the sources said.
(With input from Reuters)