Oil Falls as Equities Sink and China Imposes More Lockdowns
- US gasoline stockpiles fell 4.7m barrels last week: EIA
- West Texas Intermediate crude falls 2.5% to settle below $110
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Oil fell to the lowest in nearly a week amid a broader market selloff while additional coronavirus outbreaks in China dampened crude’s demand outlook.
West Texas Intermediate settled below $110 a barrel after earlier rising to above $115. Beijing reported more new cases on Tuesday while Tianjin’s Binhai area put another area under lockdown. The flareups underscore the challenges China faces in pursing Covid Zero policy, which have already taken an enormous economic toll. The decline also came amid a wider market selloff, with US stocks poised for the biggest daily drop in almost two years.