⚠️BREAKING: *OIL PRICES TUMBLE 3% TO LOWEST SINCE DECEMBER 2021 AS CHINA'S COVID PROTESTS ROIL SENTIMENT $CL_F OOTT
sank 2.4% to $81.69 a barrel. Both contracts extended sharp declines from last week and were trading at their weakest level since early-January.
Civil unrest broke out in several major Chinese cities over the weekend, as a growing number of civilians took to the streets toThe protests come in the wake of new COVID-related restrictions introduced over the past two months, as China once again grapples with record-high daily infections. This has also battered crude markets with the prospect of weakening demand in the world’s largest oil importer.
The country’s crude imports have fallen steadily this year, showing few signs of recovery. Increased oil export quotas in the country also indicate that local consumption remains weak. The recent protests also mark a rare display of civil disobedience rarely seen in China since President Xi Jinping assumed power over a decade ago. His government’s commitment to its strict zero-COVID policy ground economic growth to a halt this year, with data due later this week expected to show a sustained decline.
Crude prices are also under pressure from major importers China and India buying heavily discounted crude from Russia, while Western nations struggle to impose a price cap on Moscow’s oil exports.Organization of Petroleum Exporting CountriesThe cartel announced a 2 million barrel per day supply cut in October, and vowed more such moves to help support oil prices. Given that prices are trading well below levels that spurred October’s cut, the cartel may trim production further.
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