Oil Retreats as China’s Covid Resurgence Imperils Demand Outlook
- OPEC+ sees no need to change output plan despite Russia crisis
- Shanghai to shut half of city in turns for mass virus testing
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Oil fell as China issued more lockdowns, raising fresh concerns about demand slowing in the world’s biggest crude importer.
Futures in New York fell almost $8 to settle just shy of $106 a barrel on Monday. Markets sold off after authorities in Shanghai said they will lock down half of the city in turns for mass Covid-19 testing. Prices remained lower even after OPEC+ signaled it’s likely to stick to plans for a modest supply increase when they meet Thursday.