Cities intensify Beijing's zero-Covid-19 policy as outbreaks widen, dampening earlier hopes of a rebound in demand
Singapore — Oil prices fell on Monday on concerns that widening Covid-19 curbs in China will curtail demand, offsetting signs that output at the top US shale field is losing steam.
US West Texas Intermediate crude was at $87.67 a barrel, down 23c, or 0.3%, after settling down 1.3% on Friday. Chinese cities are doubling down on Beijing's zero-Covid-19 policy as outbreaks widened, dampening earlier hopes of a rebound in demand. The warnings came just as US oil exports rose to a record last week and partly pushed WTI prices up 3.4%. Brent rose 2.4% last week, notching its second consecutive weekly gain.
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