Oil steadies as coronavirus worries offset more Russia sanctions
NEW YORK (Reuters) – Oil prices steadied in volatile trade on Tuesday as growing worries about coronavirus demand destruction offsets supply concerns as the United States and Europe plan to impose new sanction on Russia for alleged war crimes in Ukraine.
Brent futures fell 36 cents, or 0.3%, to $107.17 a barrel by 10:51 a.m. EDT (1451 GMT), while U.S. West Texas Intermediate (WTI) crude fell 54 cents, or 0.5%, to $102.74.
Chinese authorities extended a lockdown in Shanghai to cover all of the financial center’s 26 million people, despite growing anger over quarantine rules in the city, where latest results show only 268 symptomatic daily COVID-19 cases.
