The countries hope in this way to stabilize international markets after weaker demand and the corona lockdowns in China, among other things, have caused oil prices to fall sharply in recent times.
But fears of a global recession and China’s strict corona policy continue to weigh on the price. Beijing remains committed to its policy of lockdowns, which paralyze entire metropolitan cities in an effort to curb the spread of the virus. China is the world’s largest consumer of oil, and the lockdowns are slowing economic growth and reducing the demand for oil.
A barrel of US WTI oil rose $1.77 to $88.64.