ShippingWatch

Oil sinks on demand concerns as IEA sees energy crisis enduring

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.

Photo: Mark Reinstein/AP/Ritzau Scanpix

West Texas Intermediate crude oil lost over 1% to trade below USD 103 a barrel. Bearish sentiment has filtered through commodities as rising virus cases in China and a looming US 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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