Brent Crude Falls Below $100 On China Lockdown Fears

Related stories

Why I Renamed IBB’s Govt Built International Conference Centre After Tinubu – Wike

By Kolawole Ojebisi The Minister of the Federal Capital Territory,...

My Soul Has Left PDP, Says Momodu

By Kolawole Ojebisi The publisher of Ovation International, Dele Momodu,...

Let’s Go To Party, By Uzor Maxim Uzoatu

Fellow countrymen and women, let’s take a trip to...

Budget of barbarians, for brigands, by buccaneers

By Ugo Onuoha THE first thing that the legislative and...

Oil Prices Could Sink Below $50 This Year

Crude oil prices could decline below $50 a barrel this...

Oil prices have fallen to a two-week low, dipping below $100 on fears of the further demand consequences of a COVID-19 lockdown in China that has sparked bearish sentiments in markets, despite a Russian oil decline and declining U.S. inventories.

Brent was at $99.89–down some 5%–on Monday at 11:50am EST, while WTI was trading at $95.67, down 6%.

Over the weekend, China intensified lockdown efforts, which had earlier centered primarily on Shanghai, but have now spread to the capital Beijing. Investors are now concerned that increased restrictions will be put in place and that more cities will be affected.

One of Beijing’s largest districts saw 11 new cases in a single day, prompting residents to make a run on supplies in case of a lockdown there, CNN reported. The authorities also announced mass testing for all people in the district, further adding to the sense of panic, with more districts being added to the plan by early Monday afternoon EST.

New COVID-19 deaths have now tripled in Shanghai, with reports of metal barriers being erected in some districts to help containment.

The lockdowns, which now look set to intensify, are causing supply chain issues, port congestion and factory closures, resulting in a sell-off of Chinese stocks.

Mainland China stocks plummeted more sharply than they have in two years, according to the South China Morning Post.

China continues to be a key concern for the oil market,” said analysts at ING, in a note carried by Investing.com. “The Covid situation in China appears to be moving in the wrong direction with Beijing seeing a spike in cases over the weekend. China’s zero-covid policy means that oil demand will be taking a hit as authorities try to bring the outbreak under control.”

NB: Charles Kennedy wrote this article for Oilprice.com

Charles Kennedy
Charles Kennedy
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Why I Renamed IBB's Govt Built International Conference Centre After Tinubu - WikeMy Soul Has Left PDP, Says MomoduLet’s Go To Party, By Uzor Maxim UzoatuBudget of barbarians, for brigands, by buccaneersOil Prices Could Sink Below $50 This YearExclusive: Nigeria's $5 billion oil-backed loan from Aramco delayed by oil price drop, say sourcesTop APC Chieftain, Jesutega Onokpasa Dies at 49Sallah Break: Tinubu Finally Departs Lagos State For Abuja, Resumes WorkFalana Warns Wike: Your Ignorance of Diplomatic Rules 'll Cause Crisis for Nigeria Over Grant RentTrump’s Administration Reverses Self, Directs Embassies to Process Harvard Students VisasA New Dawn for Rivers StateKenya Plans to Launch Crude Oil Exports in 2026Maryam Abacha Drops Jabs At Gen Abdulsalami, Says Billions Stolen After Abacha’s DeathTinubu: Presidency Replies Peter Obi, Says He Is Blind To RealitiesHow Boko Haram Attacked Ex-COAS Buratai's Convoy, Escapes Death In Borno --- Reveals Ndume
X whatsapp