International oil prices turned down, subject to weaker Chinese data, and bulls still have two major backers

During the European session on Monday (April 18), international oil prices fell back from their high since late March in early trading, negatively impacted by weaker Chinese data, but the Ukraine crisis and the shutdown of Libyan facilities continued to deepen market concerns
about tight supply.

At 16:50 Beijing time, NYMEX crude oil futures fell 0.
49% to $106.
43 per barrel; ICE Brent crude futures fell 0.
47% to $111.
14 a barrel
.
Both hit their highest levels since late March, at $108.
01/b and $113.
80/b
respectively.

China's economic activity slowed in March, with refined oil down 2 percent from a year earlier and throughput falling to its lowest level since October as soaring crude prices squeezed profits and tight lockdowns hurt fuel consumption
.

EU governments said last week that the European Commission was drafting a ban on Russian crude imports
.
But diplomats say Germany, the EU's largest economy, is not actively supporting an immediate embargo
.

Ukrainian authorities reported multiple explosions in the west and south of the country on Monday, as Russian forces claimed almost complete control of the strategic port city of Mariupol
in the south after almost two months of bloody fighting.

The International Energy Agency (IEA) warned that about 3 million barrels per day of Russian oil could not enter the international market
from May due to sanctions or voluntary regulation of Russian goods by buyers.
The Interfax news agency reported on Friday (April 15) that Russian oil production continued to decline in April, with average daily production in the first half of the month falling by 7.
5%
compared with March.

Adding to the pressure, Libya halted production from its El Feel field last Sunday
.
And two sources at the Zueitina oil port said oil exports had been suspended
after protesters demanded that Prime Minister Abdulhamidal-Dbeibah take over the fields.

The shutdown of El Feel and Zueitina facilities will weaken Libyan oil output
.
Before the latest blackout, Libya's oil production averaged 1.
21 million barrels
per day.
Force majeure in El Feel will reduce the North African country's oil production by 70,000 barrels
per day.