Oil declines after the release of the Saudi Aramco report

On Tuesday, the price of oil is falling again by more than 1%. Pressure on prices was exerted by the publication of financial statements of the world's largest oil company, Saudi Aramco. 

In its release, the company announced a drop in quarterly net profit to $32 billion, which is 19% less than in the same period last year.

As a result, the price of July futures for Brent crude oil fell to $75.98 per barrel, the cost of June futures for WTI – to $72.14 per barrel.

Market participants also drew attention to macro statistics from China. This morning, the country's customs administration published data on the trade balance for the period from January to April. China's exports increased by 2.5% during the reporting period, while imports fell by 7.3%. 

Analysts note that the oil market is closely monitoring China's economic performance, as it is one of the world's largest oil importers. Many expect that the recovery of the Chinese economy after the «zero covid» policy will raise the demand for oil.