Oil sinks amid risk-off mood as China’s virus cases climb again

​Oil declined as a renewed increase in China’s virus cases fed into weakness across global markets.

West Texas Intermediate dropped near US$102 a barrel. COVID cases continued to climb in Shanghai and other regions, with new sub-variants posing a challenge to the country’s COVID Zero strategy. Oil also fell on a stronger dollar, and on the cancellation of a court order halting loadings from a key Russian terminal.

A court in the Krasnodar region on Monday canceled an instruction to suspend shipments from the CPC terminal on Russia’s Black Sea coast, which mainly exports Kazakh crude. It’s due to ship 1.2 million barrels a day this month.