the price of fuel saw increases on the local market, in response to the rise in prices on the international market.
slowing demand growth and rising production from other major oil economies will help weather the effect of sanctions on Russia.
Brent crude futures slipped US$1.32, or 1.2%, to US$106.19 a barrel by 0646 GMT. WTI crude futures fell US$1.52, or 1.4%, to US$104.19 a barrel
Brent crude futures rose 88 cents, or 0.8%, to US$108.47 a barrel by 0639 GMT after gaining 2.1% in the previous session
The lockdowns, which now look set to intensify, are causing supply chain issues, port congestion and factory closures, resulting in a sell-off of Chinese stocks.
Brent crude futures climbed US$1.42 or 1.4%, to US$102.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose US$1.55, or 1.6%, to US$97.78 a barrel
Western sanctions on Russia after their invasion of Ukraine are expected to see a loss of about three million barrels per day (bpd) of Russian oil in April, according to the IEA
With oil prices rising to near-record levels due to Russia’s ongoing war in Ukraine, companies producing oil and gas in the United States are in line to make tens of billions in additional profits.
Oil prices tumbled more than US$5 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai launched a two-stage lockdown to contain a surge in COVID-19 infections.