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.
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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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