Oil Sinks as China’s Covid Resurgence Overshadows Tight Market
(Bloomberg) — Oil declined as the prospect of more demand-sapping virus restrictions in China overshadowed signs of a tightening market.
West Texas Intermediate dropped near $103 a barrel after posting a loss last week in volatile trading. Virus cases continued to climb in Shanghai and other regions, with new subvariants providing a challenge to the country’s “zero-Covid” strategy. Concerns that the U.S. may tip into a recession are also hanging over the market as the central bank raises rates to combat inflation.
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