Oil joins tumbling commodities as China’s COVID spread triggers fresh demand worries
Oil prices tumbled on Monday, amid fresh worries that spreading COVID cases and more lockdowns in China will hurt demand. That has added to concerns that Federal Reserve tightening could also weaken prospects for the commodity.
Price action Market drivers China growth worries added to an overall risk-averse mood across global markets on Monday that washed over commodity prices. Iron ore and steel futures slumped in Asia over fears that Beijing could face hash COVID restrictions, echoing what has been seen in Shanghai, where weeks of lockdowns have affected millions.
“It seems that China is the elephant in the room and markets feel that slowing China growth could materially change the supply/demand equation on international markets,” said Jeffrey Halley, senior market analyst at OANDA, in a note to clients. Firstly, Valdis Dombrovskis, the European Commission’s executive vice president, told The London Times, that the EU was preparing “smart sanctions” on Russian energy imports, which would include “some form” of an oil embargo.
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