Jul 12, 2022 04:37 PM

Oil Sinks on Demand Concerns as IEA Sees Energy Crisis Enduring


(Bloomberg) — Oil extended losses as a Covid-19 resurgence in China added to concerns about a global economic slowdown, with the International Energy Agency warning the worst of the energy crisis may be ahead.

West Texas Intermediate lost around 2% to trade near $102 a barrel. Bearish sentiment has filtered through commodities as rising virus cases in China and a looming U.S. inflation print stoke concerns about the demand outlook. A rising dollar has added to the pressure, making oil less attractive to investors.

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