Oil slides to near 2-week lows as Shanghai lockdowns stoke demand worries
Oil prices slumped to near two-week lows on Monday, extending losses from last week, as concerns grew that prolonged Covid-19 lockdowns in Shanghai and potential US rate hikes would hurt global economic growth and fuel demand.
Brent crude futures were down $3.15, or 3.0 per cent, at $103.50 a barrel by 0326 GMT. They touched $103.41 earlier in the session, the lowest since April 12.
US West Texas Intermediate (WTI) crude futures fell $3.01, or 3.0 per cent, to $99.06 a barrel, having skidded earlier to $98.93, the lowest since April 12.
The benchmarks lost nearly 5 per cent last week on demand concerns.
“Oil is rerating lower due to the China consumption hit while the Federal Reserve is raising interest rates to slow down the US economy,” SPI Asset Management Managing Director Stephen Innes said in a note.
