West Texas Intermediate held above $80 a barrel in early Asian trading after swinging in a $5 arc in the week’s opening session. Prices had plunged following a report that OPEC+ was considering an output hike, then recovered to end little changed after Saudi ArabiaCrude-consumption trends in China remain in the spotlight as repeated Covid-19 outbreaks prompt officials to press on with lockdowns and movement curbs.
. The raft of measures is intended to step up pressure on Moscow for the war in Ukraine, while simultaneously avoiding an inflationary spike in crude prices.
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Business Maverick: Stocks drop amid China Covid worries, Fed rate: markets wrapStocks and emerging-market currencies decline in Asia amid concern that China may tighten Covid curbs after reported deaths, and as investors weigh the outlook for US rate hikes.
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