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 China unrest sees oil prices plunge infographic
Graphic charts Brent and WTI crude oil prices for 2022.
GN43608EN

MARKETS

China’s Covid unrest sets oil prices sliding

By Ninian Carter

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.

Sources
PUBLISHED: 28/11/2022; STORY: Graphic News
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