Oil Sheds Bulk of War-Driven Gains in Second Weekly Decline
- U.S. benchmark WTI posted back-to-back weekly declines
- China lockdowns including Shanghai sap demand in top importer
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Oil retreated for a second week in the wake of plans for massive stockpile releases, a demand-sapping virus outbreak in China and a hawkish turn from the U.S. Federal Reserve.
West Texas Intermediate fell 1% this week, with the U.S. benchmark giving back most of its gains since Russia invaded Ukraine in late February. Oil rallied to the highest level since 2008 after the conflict started, prompting the U.S. and U.K. to ban Russian oil imports and adding pressure to global buyers to shun the country’s energy exports.