China’s Covid unrest sets oil prices sliding
November 28, 2022 - Oil prices have tumbled as concerns grow over falling demand in China following surging Covid-19 cases and unusual government protests.
Oil prices have slumped as protests against Covid-19 restrictions in China fuel concerns over demand.
Brent crude and WTI (West Texas Intermediate) crude have fallen by 3% to trade at around $81 and $74 a barrel respectively – their lowest levels in almost a year.
China is the world’s largest importer of crude oil, but growing concerns about weaker fuel demand due to surging Covid-19 cases and political uncertainty caused by rare protests over harsh Covid restrictions, have prompted selling.
OPEC (Organisation of the Petroleum Exporting Countries) is due to meet on December 4.