Oil tumbled to the lowest level since December as unrest in China hurt investors’ appetite for risk and clouded the outlook for energy demand, adding to stresses in an already-fragile global crude market. Read: China economy braces for further slump as Covid, protests spread West Texas Intermediate sank toward $74 a barrel following three weeks of losses. Protests over harsh anti-virus curbs spread across the world’s largest crude importer over the weekend, spurring a selloff in commodities.
The “demand outlook will deteriorate before it gets better,” said Fenglei Shi, director of Greater China oil market midstream and downstream at S&P Global Commodity Insights, citing an uptick in lockdowns. Aside from China, traders were also assessing a US move to grant supermajor Chevron Corp. a license to resume oil production in Venezuela after sanctions had halted all drilling activities almost three years ago.
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