- WTI futures fell nearly 3% as data revealed a significant economic decline in China, the world’s top crude importer
- As extensive COVID-19 lockdowns interrupted industrial production and disrupted supply chains
- The National Bureau of Statistics said that the Purchasing Managers Index (PMI) decreased to 47.4 in April from 49.5 in March, marking the second consecutive monthly decline, the lowest since February 2020
- According to estimates from the Japanese bank Nomura, 345 million people are under complete or partial lockdown in 46 locations (Financial Times)
- Germany is prepared to back a phased embargo on Russian oil in the European Union (BBG)
- Only 12% of Germany's oil imports are coming from Russia now, down from 35% before the conflict according to the German Economy Ministry
- Hungary and Slovakia oppose sanctions that would limit Russian energy imports
- EU is expected to decide on the sixth set of sanctions against Russia for its actions in Ukraine on Tuesday