Oil Slumps With Iran Talks In the Offing as China Lockdowns Grow
- Brent settles below $100, WTI drops below $97 a barrel
- China locks down Shenzhen, province of 24 million over Covid
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Oil fell amid signals that Iran nuclear talks may resume, paving the way for more oil supply to come into the market while intensifying lockdowns in China introduced risks to global demand.
Futures in New York declined for a second session and closed below $97 a barrel while Brent settled below $100. In a tumultuous session, oil’s rally dissipated after Russian Foreign Minister Sergei Lavrov said that sanctions on his country won’t affect the Iranian nuclear deal, sparking optimism that the agreement could be revived. However, the market clawed back some of its losses after Russian President Vladimir Putin cast doubt on the success of negotiations between Russia and Ukraine.