Oil continues to rise amid the war in Ukraine, but demand for it is declining in China
The price of oil is the main indicator of prices for other goods, including agricultural, as rising oil prices have a negative impact on production costs.
Information about the success of negotiations between Ukraine and Russia was only a list of demands of the aggressor, with which Ukraine will not be able to agree, so at the end of last week, oil prices continued to rise.
The Russian army was unable to advance in any direction of the offensive, so it intensified rocket-bomb shelling of Ukrainian cities and infrastructure. According to the Ukrainian authorities, the number of civilians killed far exceeds the losses of the Ukrainian military.
The Army of Ukraine continues to resist the racist invaders, and the total estimated losses of the enemy from 24.02 to 21.03 are:
- aircraft - 98,
- helicopters - 118,
- tanks ‒480,
- BBM - 1491,
- artillery systems - 230,
- air defense means - 45,
- MLRS - 75,
- fuel tanks - 85,
- UAV operational and tactical level - 21,
- ships / boats - 3 units,
- automotive equipment - 950,
- special equipment - 12 units.
According to the General Staff of Ukraine, the loss of Russian personnel exceeds 14,700 people, but Russian unofficial sources say 17,000 people, and some even 30,000. According to military experts, almost 60,000 occupiers from the 200,000 group were disarmed.
The number of reports of Russian soldiers killed on Vkontakte is growing daily, allowing analysts to estimate casualties from unofficial sources.
May Brent oil futures at London's ICE Futures rose 10% to $ 108 / barrel on Thursday and Friday, and April WTI oil futures on the New York Mercantile Exchange (NYMEX) rose 10.3%. % to $ 104.8 / barrel, but today they are already trading at $ 111.6 and $ 108.4 / barrel, respectively.
The proliferation of Covid-19 in China is holding back price growth, as consumption of oil and agricultural products may decline in the near future. After a full lockdown in China's 45-million-strong province, which has a population of 45 million, 1,656 new Covid-19 cases were detected on Saturday, confirming two deaths in the country for the first time since January 26, 2021. Official statistics do not reflect the real scale coronavirus, according to unofficial data, many more died. The cancellation of more than 50% of flights at China's 20 largest airports between March 11 and 17 confirms that the situation is worse than the authorities say.
China has reaffirmed that it will not supply weapons to Russia and will support all initiatives to end the war, as military action is leading to rising oil and agricultural prices, which is having a negative impact on China's economy.
May corn futures in Chicago rose on Thursday, but fell to $ 292 / t on Friday, and on Black Sea corn - on Thursday rose by $ 5 / t and on Friday fell by $ 2 / t to 367 $ / t. May soybean futures in Chicago rose $ 7.3 / t to $ 613.5 / t.
