Oil dips on Beijing’s Covid warning, fears of rate hikes to curb inflation
LONDON (Reuters) – Oil dropped about $2 a barrel on Monday as a flare-up in COVID-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure.
Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” COVID-19 outbreak that emerged last week. Mass testing would take place until Wednesday.
