Oil Drops as China Lockdowns Overshadow Russian Output Risk
- Virus wave has raised concerns that crude demand could suffer
- WTI futures retreat to settle near $102 a barrel on Tuesday
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Oil fell as lockdowns across China countered looming European Union measures to limit purchases of Russian fuel.
West Texas Intermediate settled near $102 on Tuesday after a session marked by low liquidity. Crude has swung within a $15 band in the last three weeks as the market weighs the hit to demand from China’s Covid wave against supply concerns stemming from bans on Russian crude. Investors are also bracing for the biggest U.S. rate hike since 2000, which could slow demand.