Oil drops as China’s Covid resurgence overshadows tight market

Oil declined as the prospect of more demand-sapping virus restrictions in China overshadowed signs of a tightening market.
Photo: Chris Helgren/Reuters/Ritzau Scanpix
Photo: Chris Helgren/Reuters/Ritzau Scanpix
by bloomberg news

West Texas Intermediate crude dropped near USD 104 a barrel after posting a loss last week in volatile trading. Virus cases continued to climb in Shanghai and other regions, with new sub-variants providing a challenge to the country’s Covid Zero strategy. Concerns that the US may tip into a recession are also hanging over the market as the central bank raises rates to combat inflation.

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