Oil Slides On Concerns Of Weaker Chinese Demand

Author : desertsafari
Publish Date : 2022-03-28 00:00:00


Oil Slides On Concerns Of Weaker Chinese Demand

Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.

Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 1212 GMUSWest Texas Intermediate (WTI) crude futures hit a low of $10681 a barrel, and were down $593, or 52%, at $10797 Both benchmark contracts rose 14% on Friday, notching their first weekly gains in three weeks, with Brent surging 118% and WTI climbing 88% Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the further spread of the coronavirus. "This is also prompting growing concerns that China's strict zero-Covid policy will lead to repeated lockdowns in key business centres," said Commerzbank analyst Carsten Fritsch in a note. Oil demand in China, the largest crude importer globally, is expected to be 800,000 barrels per day (bpd) softer in April compared with "normal" levels as a result, said Bjarne Schieldrop, chief commodities analyst at SEB bank. Hopes for reconciliation from peace negotiations between Russia and Ukraine, which could start in Turkey on Tuesday according to the Kremlin, also weighed on prices.Oil prices tumbled more than $6 on Monday as fears over weaker fuel demand in China grew after financial hub Shanghai lockdown efforts to curb a surge in COVID19 infections. Brent crude futures slid as low as $11372 a barrel and were trading down $97, or 49%, at $11468 at 12



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