[Asia Economy New York=Special Correspondent Joselgina] International oil prices continued to decline on the 11th (local time) due to the impact of China's COVID-19 lockdown measures.
On this day, May delivery West Texas Intermediate (WTI) crude oil on the New York Mercantile Exchange (NYMEX) closed at $94.29 per barrel, down 4% ($3.97) from the previous trading day. This is the lowest closing price since February 25.
The June Brent crude on the London ICE Futures Exchange also closed down 4.2% ($4.30) at $98.48, marking the lowest price since the 16th of last month.
This is analyzed as a result of growing concerns that oil demand will shrink due to the spread of COVID-19 in China, the world's largest oil importer. Shanghai, where lockdown measures are ongoing, accounts for 4% of China's total oil consumption.
Earlier, the International Energy Agency (IEA) decided to release an additional 120 million barrels of reserves to stabilize oil prices. The United States also plans to independently release 120 million barrels of reserves into the market.
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