Oil is falling on demand concerns

Oil prices fell as concerns about demand increased after China extended its closure in Shanghai as new cases of the Corona virus rose, in addition to the rise of the US dollar. Brent crude futures fell 0.8% to $106.64 a barrel, and US West Texas Intermediate crude futures fell 1.3% to $101.96 a barrel.

The United States and the European Union have proposed comprehensive new sanctions against Russia over the killing of civilians in Ukraine, including an EU ban on coal imports, and German Foreign Minister Annallina Barbock said the coal embargo would be followed by oil and then gas.