oil prices tumbled more than 2.5 percent early on Friday, dragged down by concerns
that oil demand in the world’s top oil importer, China, could falter amid rising COVID-19 cases and expanding lockdowns.
Oil prices lost further ground on Friday from the 11-month high they had hit last week, when the Saudi surprise cut was still supporting
The expanding lockdowns in China as COVID infections rise turned the sentiment bearish for the near term, as the market fears global oil demand this quarter could be weaker than anticipated just a week ago. Authorities in China are discouraging travel during the upcoming Lunar New Year holiday, while UK Prime Minister Boris Johnson said on Thursday it was too early to say how the situation in the UK would evolve, and suggested that some lockdowns and restrictions could remain in place until the summer. look for further bearish scenario on oil
that oil demand in the world’s top oil importer, China, could falter amid rising COVID-19 cases and expanding lockdowns.
Oil prices lost further ground on Friday from the 11-month high they had hit last week, when the Saudi surprise cut was still supporting
The expanding lockdowns in China as COVID infections rise turned the sentiment bearish for the near term, as the market fears global oil demand this quarter could be weaker than anticipated just a week ago. Authorities in China are discouraging travel during the upcoming Lunar New Year holiday, while UK Prime Minister Boris Johnson said on Thursday it was too early to say how the situation in the UK would evolve, and suggested that some lockdowns and restrictions could remain in place until the summer. look for further bearish scenario on oil
