As Mitrahovich recalled, lockdowns continue in China.
“Many expected that the zero covid policy would end soon and then China would still increase oil consumption,” the specialist explained.
But, as the expert added, so far the Chinese government is in no hurry to abandon this policy.
In addition, the fear of a global recession is one of the factors influencing oil prices.
“Plus, some traders are counting on the fact that the Americans will be able to convince Saudi Arabia and some other Arab countries to at least abandon further plans to reduce production, maybe even increase it - this can also affect.
But the prices are still quite high,” Mitrakhovich stressed.
Also, according to the analyst, traders do not really believe that sanctions against Russian oil will lead to the fact that it will leave world markets.
“Apparently, they believe that the sanctions will not be tough enough to lock up all Russian oil inside the country.
And since everyone believes that Russian oil will go to world markets, including at a discount, then there is no reason to expect a shortage and there is no reason to raise prices, ”concluded the interlocutor of RT.
Earlier it was reported that the price of Brent oil fell below $83.