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Oil drops, Brent crude falls below $100 as China lockdowns spark demand fears

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Oil pumping rigs are situated next to a vineyard of table grapes as viewed on July 8, 2021, north of Bakersfield, California.

George Rose | Getty Images

Oil prices slid Monday, accelerating two straight weeks of declines as lockdowns in China sparked demand fears.

International benchmark Brent crude declined 3.9%, or $4.02, to trade at $98.72 per barrel. West Texas Intermediate crude futures, the U.S. oil benchmark, shed $3.95, or 4%, to trade at $94.33 per barrel.

“The spread of Covid in China is the most bearish item affecting the market,” said Andy Lipow, president at Lipow Oil Associates. “If [Covid] spreads throughout China resulting in a significant number of lockdowns, the impact on…



Source cnbc.com

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