Oil slipped by more than 1% on Tuesday as concerns about demand due to China’s prolonged Covid lockdowns outweighed support from a possible European oil embargo on Russia over its actions in Ukraine.
Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai’s over the past month. The capital’s restaurants were closed for dining in, and some apartment blocks were sealed shut.
Brent crude was down $1.41 or 1.3%, at $106.17 a barrel at 1339 GMT. US West Texas Intermediate (WTI) crude fell $1.82, or 1.7%, to $103.35.
