Skip to content

Oil Falls Below $100 as China’s Lockdowns Imperil Demand Outlook

  • Markets slump amid fears of wider restrictions in Beijing
  • WTI crude futures slide more than 6% on Monday in New York
Video player cover image
Fears Over China’s Covid Lockdowns Drive Oil Below $97
Updated on

Oil dropped at the start of the week on concerns that a spreading Covid-19 outbreak in China will impact consumption even further.

West Texas Intermediate futures fell 3.5% to close below $100 a barrel. Rising coronavirus cases in Beijing sparked jitters about an unprecedented lockdown of the capital, while Shanghai reported record daily deaths over the weekend. The world’s biggest crude importer is heading for the worst oil demand shock since the early days of the pandemic.