Oil prices Continue to Slide for a Second Week

The ongoing Russian invasion of Ukraine continues to send shock waves across the globe with no real end in sight.

Following weeks of volatility, with oil prices surging amid supply concerns, downward pressure on oil prices continued for a second week. This was due to members of the International Energy Agency agreeing to release 120 million barrels of oil from its collective global reserves to soften the spike in oil prices. This is now the second time this year the IEA has released some of its strategic reserves to help compensate for the impact of the loss of Russian oil supplies. Between the USA and IEA, over 300 million barrels have been released into the market in recent weeks.

In addition, there are ongoing concerns regarding the severity and reach of the resurgence in COVID cases across mainland China, which continues to dominate Shanghai. This will no doubt have soaring economic and human costs as their “zero covid” strategy aims to isolate every infected person. As a result, over 25 million people are confined to their homes.

People in China’s business capital have complained that online grocers in the area are often sold out. Whilst some received government food packages of meat and vegetables, there is growing anger that food supplies are running seriously low.

In the UK, prices at the pumps have shown some signs of stabilising with diesel prices in the region of £1.75 -£1.85 pence per litre. Users of fuel cards will see another fall in their fixed weekly price as we head towards the Easter holidays.


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