Brent Oil A Whisker Above $100 Per barrel As Crude Markets Extend Losses After Second Straight Weekly Decline
NDTV
Crude markets started Monday on a feeble note following the second straight weekly decline, pressured by China lockdowns and a surplus boost.
Crude markets started the week on a feeble note following the second straight weekly decline, pressured by China lockdowns and weighed by a surplus boost after announced plans to release a record volume of crude and oil products from strategic stocks.
While for several weeks, benchmark crude futures have gone through wild gyrations, the most since June 2020, global oil markets were down for the second straight week.
Early on Monday, the benchmark Brent crude fell over $2 to $100.40 a barrel and US crude lost over 2.5 per cent to $95.82. Last week, Brent had dropped 1.5 per cent, and US West Texas Intermediate slid 1 per cent.
The world's largest importer has limited the oil market's appeal; China is battling a resurgence of COVID-19 cases, with authorities keeping Shanghai, a city of 26 million people, locked down under its "zero tolerance" for COVID-19.
