Oil prices slump again, hit by demand concerns over Covid-19 restrictions

NEW YORK (Reuters) -Oil prices extended their slide on Wednesday, led lower by worries that the global economy would slow further with renewed restrictions to curb COVID-19 in China.

Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel by 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.4%, to $89.23 a barrel.

“The weakness coming out of China has played a significant role” in lowering prices, said Harry Altham, energy analyst for EMEA & Asia at StoneX Group in London. “There are fears of demand destruction across the West as interest rates rise and inflation concerns grip Western economies.”