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Oil was down on Tuesday morning in Asia due to demand outlook concerns as top oil importer China imposes lockdowns and economic tensions rise in Europe.
Financial markets are reflecting fears that sanctions on Russian oil imports after its invasion of Ukraine could put some European countries in economic distress.
Last week, the European Commission proposed a phased embargo on Russian oil. It resulted in boosted Brent and WTI prices. However, the proposal needs a unanimous vote by EU members this week to passA halt to Russian gas supplies to Germany is likely to trigger a deep recession. This could cost half a million jobs, according to projections from a senior economist on Tuesday.
Global financial markets have also been affected by concerns over interest rate hikes and recession worries. The COVID-19 lockdowns in China have already led to slower export growth in the world’s second largest economy in April.
