Oil slumps as Shanghai shuts to curb COVID surge
MELBOURNE: Oil prices fell more than $3 in early trade on Monday on prospects of a drop in fuel demand in China after authorities in Shanghai said they would shut the country’s financial hub for a COVID-19 testing blitz over nine days.
Brent crude futures dropped as low as $116.18 and were trading down $2.75, or 2.3%, at $117.90 a barrel at 2215 GMT.
