Oil tumbled to the lowest level since December as a wave of unrest in China punished risk assets and clouded the outlook for energy demand, adding to the stresses in an already-volatile global crude market.
West Texas Intermediate sank toward US$74 a barrel following three weeks of losses, while Brent traded around US$81. Protests over harsh anti-virus curbs erupted across the world's largest crude importer over the weekend, including demonstrations in Beijing and Shanghai, spurring a broad sell-off in commodities as the week opened. The rare show of defiance is raising the threat of a government crackdown.
“The current sentiment is anything but upbeat,” said Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd. “It is not only confirmed by the weekly fall in outright futures prices but also by the contango that made a re-appearance both in WTI and Brent last week.”
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