Oil Extends Retreat as China Battles Worsening Virus Outbreak

(Bloomberg) — Oil fell as traders tracked a Covid-19 outbreak in China and prospects for additional crude releases from government stockpiles.

West Texas Intermediate dropped below $99 a barrel after collapsing 13% last week. China is grappling with a renewed coronavirus outbreak that is harming crude demand in the key importer. Shanghai’s 25 million residents are almost all under some form of lockdown as the country added more than 13,000 daily infections, with state media reporting a case infected with a new subtype.