Oil tumbles towards $100, as renewed Covid lockdowns in China and recession fears depress demand outlook
The slide in oil prices stems from a combination of both demand and supply-side pressures that have come into play recently.
"A rise in Covid cases in Shanghai will not be helping sentiment, particularly given that China continues to pursue its zero-Covid policy, which creates a fair amount of demand risk for the market," ING strategist Warren Patterson said.are growing as both regions suffer from soaring inflation and high interest rates as energy prices surge.
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