Oil steadies as China’s Covid-19 fears face tight supply concerns
NEW YORK (Reuters) -Oil prices were little changed on Monday as markets balanced an expected drop in demand because of mass testing for COVID-19 in China against ongoing concerns over tight supply.
Brent futures fell 33 cents, or 0.3%, to $106.69 a barrel by 12:43 p.m. EDT (1643 GMT), while U.S. West Texas Intermediate (WTI) crude fell 86 cents, or 0.8%, to $103.93.
With the U.S. Federal Reserve expected to keep raising interest rates, open interest in NYMEX futures fell on July 7 to its lowest since October 2015 as investors cut back on risky assets.
