Oil futures fell more than $2 a barrel on Monday, with U.S. West Texas Intermediate crude falling to an 11-month low as protests in China, the largest oil importer, over tough COVID-19 restrictions fueled concerns about demand.<\/p>\n\n\n\n
Brent crude fell $2.16, or 2.6 percent, to trade at $81.47 a barrel at 0230 GMT, after falling to $81.16 earlier in the session, its lowest since Jan. 11.<\/p>\n\n\n\n
US West Texas Intermediate crude fell $2.08, or 2.7 percent, to $74.20 a barrel. Crude fell to $73.82 earlier, its lowest since December 27, 2021.<\/p>\n\n\n\n
Both benchmarks, which hit 10-month lows last week, posted three straight weekly declines. Brent ended the last week down 4.6 percent, while West Texas Intermediate crude fell 4.7 percent.<\/p>\n\n\n\n
China, the world’s largest oil importer, has adhered to President Xi Jinping’s zero-COVID policy even as much of the world has lifted most restrictions.<\/p>\n\n\n\n
Hundreds of demonstrators and police clashed in Shanghai on Sunday evening, after protests against China’s strict coronavirus restrictions broke out for a third day and spread to several cities following a fire that killed people in the country’s far west.<\/p>\n\n\n\n
Mainland China has not seen such a wave of civil disobedience since Xi came to power ten years ago, with frustration mounting over his zero-COVID policy after the pandemic outbreak nearly three years ago.<\/p>\n\n\n\n
At the same time, diplomats from the G7 and the European Union have discussed capping the price of Russian oil between $65 and $70 a barrel to limit revenues to fund Moscow’s military offensive in Ukraine without disrupting global oil markets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil futures fell more than $2 a barrel on Monday, with U.S. West Texas Intermediate crude falling to an 11-month low as protests in China, the largest oil importer, over tough COVID-19 restrictions fueled concerns about demand. Brent crude fell $2.16, or 2.6 percent, to trade at $81.47 a barrel at 0230 GMT, after falling …<\/p>\n","protected":false},"author":9,"featured_media":61541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-76318","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=76318"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76318\/revisions"}],"predecessor-version":[{"id":76319,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/76318\/revisions\/76319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61541"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=76318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=76318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=76318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}