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Oil prices slipped in Asian trading Monday, halting a three-week rally, after Chinese state media reported a significant oil discovery in the South China Sea. China National Offshore Oil Corporation (CNOOC) confirmed a new field with over 100 million tonnes of proven reserves near Shenzhen, within China’s Exclusive Economic Zone. While production timelines remain unclear, the discovery suggests long-term supply growth, easing immediate concerns over tighter global oil markets.
Brent crude futures for May dipped 0.2% to $73.52 a barrel, while West Texas Intermediate fell 0.2% to $68.74 a barrel. This decline follows recent gains driven by fears of constrained supply amid rising geopolitical tensions.
U.S. President Donald Trump’s threats of new sanctions on Russia, Iran, and Venezuela had supported oil prices, as investors anticipated supply disruptions. Over the weekend, Trump warned of secondary sanctions on buyers of Russian oil unless Moscow engages in ceasefire talks with Ukraine. He also threatened military action against Iran if it failed to negotiate a new nuclear agreement. Additionally, Trump is expected to unveil a new round of tariffs on April 2, with speculation of broader trade restrictions adding to market uncertainty.
Despite these pressures, oil’s downward movement was tempered by better-than-expected Chinese economic data. March’s Purchasing Managers Index (PMI) showed surprising strength in both manufacturing and services sectors, offering hope for a demand rebound in the world’s top oil importer.
Still, analysts note that China’s oil demand has slowed due to ongoing economic challenges, making domestic discoveries like the CNOOC oilfield strategically important. While offshore extraction remains complex and costly, the find could reduce China’s import dependence over time, reshaping regional energy dynamics and impacting global oil prices in the long term.
