Fears of a global economic recession and preventive measures to limit the spread of the Corona virus in the second largest consumer of crude in the world are casting a shadow on crude prices for the second consecutive session, in the middle of the European session’s trading session today, Tuesday, July 12 (July 12), where US crude (NYMEX) is trading down by 2. 49%, trading at $101.50 a barrel, while Brent crude is trading at $104.76 a barrel, down by 2.18%.

China, the largest importer of crude in the world and the second largest consumer, raised the concerns of the oil markets after several Chinese cities adopted new restrictions and measures to limit the spread of the Corona virus, after it announced 424 new infections yesterday, Monday.

On the other hand, fears of slowing global economic growth and entering a phase of stagnation affect crude prices since the beginning of the week due to its direct impact on the medical expectations for fuel in the largest crude consuming countries.

It is expected that US President Joe Biden will arrive in Saudi Arabia this week on his first visit to the Middle East, where he will discuss the issue of increasing production from OPEC countries to reduce fuel prices.

On the other hand, during today’s session, the markets are awaiting the preliminary reading of stocks from the American Petroleum Institute, before the US Energy Information Administration announces the official reading tomorrow, Wednesday, as it is estimated that stocks fell last week, while distillate stocks rose.