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Oil prices decline as China renews COVID-19 restrictions

Oil prices fell on Tuesday (July 12) as fresh COVID-19 restrictions in China, the world’s biggest crude importer, and fears of a global economic slowdown feed worries over a demand fall, the Anadolu Agency reported.
It said that tnternational benchmark Brent crude was trading at $105.38 per barrel at 9.15 a.m. local time (0615 GMT) for a 1.60% decrease after the previous session closed at $107.1 a barrel.
American benchmark West Texas Intermediate (WTI) was at $102.17 per barrel at the same time on Tuesday for a 1.84% loss, after the previous session closed at $104.09 a barrel.
Exerting downward price pressure, economic uncertainties driven by global recession fears are growing. As a result, investor risk appetite is falling.
In China, many cities are adopting new COVID-19 curbs, which affects the oil prices and market.

The barrel price of Brent oil, which fell to $97.2 due to recession concerns during the week, partially compensated for its losses with China's announcement of an infrastructure package worth $220 billion and strong US labor market data, but decreased 4.7% to $105.5 last week.
One of the main factors that drives oil prices is the Russia-Ukraine war. Western sanctions on Moscow over the war in Ukraine have disrupted trade flows for crude and fuel.
Volodymyr Zelensky criticizes West for exempting key gas turbine from sanctions
In addition, the markets are focused on US President Joe Biden's official visit to Saudi Arabia.
The White House national security adviser, Jake Sullivan, said on Monday that Biden will raise the case for greater oil production from OPEC when he meets Gulf leaders in Saudi Arabia.
Source: aa
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BENEFIT Sponsors Gulf Uni...
- April 17, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.
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