The analyst noted that oil prices are declining regardless of its grade.
"This is due to the fact that in recent months there have been certain inflated expectations when China announced that it was lifting coronavirus restrictions. Everyone expected that he would be able to increase consumption quite quickly. They called the figures that he literally in a month will be able to increase consumption by 2 million barrels per day. But such a pace of market recovery did not happen. And these gradual growth rates of oil demand in China slightly "cool down" the market, "Yushkov explained.
He also drew attention to the fact that at the moment there are certain difficulties with economic development in the European Union and the United States. They confirm the data that their monetary authorities are going to raise interest rates.
"And this leads to the fact that loans become more expensive, less money goes to the exchange and there are fewer purchases on the stock exchange, including oil futures. When the demand for futures decreases, the price also decreases, "the specialist added.
In his opinion, the growth rate of oil prices will be "more gentle, not jump-like."
"In any case, I think that in the second half of this year, prices will be higher, as China will increase consumption," the analyst said.
Also, as Yushkov explained, by the second half of the year, the United States and the European Union expected to move to lower rates.
"That is, there will be a recovery in the economies of the United States and Europe. Accordingly, the demand for oil will grow, and the price will rise, "the RT interlocutor concluded.
Earlier it became known that the price of a barrel of WTI crude oil fell below $ 70.