Oil prices under pressure

Crude oil prices have come under severe pressure for the past few weeks. Oil prices have moved down significantly from the March 2022 high, but have not yet returned to pre-war levels. Oil prices have recently come under pressure due to the significant increase in US petrol inventories. The weak economic development in China is also affecting pricing. The introduction of the price cap for Russian oil by the G7 countries and the European Union initially led to a slight increase in prices. However, economic concerns and lower overall demand are currently more important. With the start of trading today, Brent is trading even weaker. At the moment the price is given as USD 77.34.