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


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…


0 0 votes
Article Rating

Watch Treasury Secretary Janet Yellen speak live on the global financial system

Previous article

White House expects big price hikes in March CPI

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Energy