This is the lowest Brent crude price since the beginning of the year and is mainly due to protests in China over strict COVID-19 restrictions.Oil prices may stay lower for longer, unless there is a cut in production or the United States steps up its buying of oil in order to replenish its strategic oil reserves.US crude dipped 2.81% to $74.14 a barrel.
The COVID rules and resulting protests are creating fears the economic hit for China will be greater than expected. “Even if China is on a path to eventually move away from its zero-COVID approach, the low level of vaccination among the elderly means the exit is likely to be slow and possibly disorderly,” CBA analysts said on Monday.
الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين
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Asian stocks and oil slump on China’s Covid-19 protestsThe market dislikes uncertainties such as the demonstrations that are difficult to price, causing investors to become more risk-averse, analyst says
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