Oil prices slumped around 4% amid lockdowns in China
Lockdowns have been imposed in the financial hub of China, Shanghai affecting the oil consumption of the country.
• Brent futures fell 4.1% or $4.33 at $102.32 per barrel
Oil prices tumbled to its lowest in two weeks on Monday due to Covid-19 lockdowns in China and potential increases in U.S. interest rates.
Brent futures fell 4.1% or $4.33 at $102.32 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 3.5%, or $3.53 at $98.54.
China, which is the largest importer of oil in the world, is facing another spike in Covid-19 cases in the country.
Lockdowns have been imposed in the financial hub of China, Shanghai affecting the oil consumption of the country.
"The prospect of slower economic growth this year amid U.S. interest-rate hikes ... has already led to a downward revision of oil-demand forecasts," analysts at the Eurasia Group consultancy said, Reuters reported.
"The longer the Ukraine war and the China lockdowns persist, the higher the risk that demand growth will be even weaker."
Picture Credits: Reuters
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