Caixin
Nov 10, 2022 04:44 PM
ECONOMY

Oil Retreats as China’s Covid Struggles Tarnish Demand Outlook

A resident crosses a nearly deserted street on Nov. 2 in Wuhan, Central China’s Hubei province. Photo: Bloomberg
A resident crosses a nearly deserted street on Nov. 2 in Wuhan, Central China’s Hubei province. Photo: Bloomberg

(Bloomberg) — Oil fell as China’s “zero-Covid” policy fanned concerns about energy demand in the largest crude importer, with lockdowns spreading.

West Texas Intermediate eased toward $85 a barrel, after losing 3.5% on Wednesday as data showed U.S. crude stockpiles hit the highest since July 2021. China’s anti-virus policies are hurting consumption, with the country now adding curbs in the southern manufacturing hub of Guangzhou. Futures have dropped every day this week, on course for the worst run since last year.

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