Where the Comment is King

THE NEWS COMMENTER

VOTE  (0)  (0)

Oil prices dip to their lowest level in 2022 as Covid protests in China intensify

Added 11-28-22 03:14:04am EST - “China reported 40,052 new local COVID-19 cases on Monday ?" a daily record high for the fifth straight day.” - Markets.businessinsider.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Markets.businessinsider.com: “Oil prices dip to their lowest level in 2022 as Covid protests in China intensify”. Below is an excerpt from the article.

Protests against COVID-19 curbs in China spooked the markets early in Asia on Monday, sending US crude-oil prices down to a low not seen this year and Chinese markets tumbling.

The rare public display of dissent spreading in China over the country's draconian Covid-zero policies erupted after ten people in the Xinjiang region died in an apartment fire. Some online users blamed Covid restrictions for hindering rescue efforts and blocking escape routes.

Authorities have denied the accusations, but the incident triggered anger to spill over in other parts of China as frustrations build after three years of stringent pandemic restrictions.

The fear of unrest in China — and its potential impact on the world's second-largest economy — hit market sentiment, sending oil prices tumbling. China is also one of the world's top oil importers.

Benchmark US West Texas Intermediate crude oil futures were 2.9% lower at $74.09 a barrel at 12.02 a.m. Monday EST — their lowest level this year, while international benchmark Brent crude oil futures tumbled to an 11-month low, trading 2.8% lower at $81.35 a barrel.

Read more...

If you don't see any comments yet, congrats! You get first comment. Be nice and have fun.

Comment Box is loading comments...

CLICK TO SHARE

BACK TO THE HOME-PAGE