China's economy slowed in March, worsening an outlook already weakened by COVID-19 curbs and the Ukraine war and adding to demand concerns. However, fuel demand in China, the world's largest oil importer, could begin to pick up as manufacturing plants prepare to reopen in Shanghai. The price decline on Tuesday followed a rise of more than 1% on Monday, when oil prices hit their highest since March 28 on Libyan oil supply disruptions. The possibility of a European Union ban on Russian oil for its invasion of Ukraine continued to keep the market on edge. French Finance Minister Bruno Le Maire said on Tuesday that an embargo on Russian oil at a European Union level was in the works.

Source: Libya Today April 19, 2022 04:20 UTC