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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Business Maverick: Oil plunges to lowest since 2021 as China unrest rattles marketOil tumbled to the lowest level since December as unrest in China hurt investors’ appetite for risk and the outlook for energy demand, adding to stresses in an already-fragile global crude market.
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Brent crude oil falls to lowest price since early 2022 - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The price of Brent crude oil has fallen by nearly 3% in Asian trade on Monday morning to around $81 a barrel. This is the lowest Brent crude price since the beginning of the year and is mainly due to protests in China over strict COVID19 restrictions.
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