29
Mar 2022
Global oil prices have fallen as China starts to implement a city-wide lock-down in Shanghai, an important financial and manufacturing hub.
Brent crude went down by $4.50 at $115.80 a barrel on concerns that the move would mean that demand for oil will fall.
Despite the fall, oil remains almost 80 percent higher than it was a year ago after the war in Ukraine helped to drive up prices.
Traders were concerned about the effectiveness of China’s zero-tolerance policy towards covid-19, said Stephen Innes, Managing partner at SPI Asset Management.
He also said in note to investors that there were expectations of “further supply chain disruptions as well as a fall in demand.
Source:BBC_Tuesday 29 March, 2022.