China fights Covid with oil – WORLD
Oil fell again after its biggest weekly drop since August as China tightened its COVID rules and tarnished the demand outlook.Brent crude fell below $87 a barrel on the first trading day of the week after falling almost 9 percent last week. U.S. crude oil also fell below $80. The country experienced its first Covid-related death in nearly six months on Saturday, with two more deaths reported on Sunday. This raised fears of a new wave of restrictions in the world’s largest oil importer. While the oil demand outlook has been affected by the flood of Covid news from China, downward revisions to price expectations have continued. Oil-exporting countries It canceled out gains when (OPEC) and allies, including Russia, agreed to cut production by 2 million barrels a day.
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