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. Moneyweb MiningNews
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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