Oil prices were coming under pressure to start the week as investors looked to the resurgence of COVID in China and the potential for a demand hit from that...
Oil prices slumped to start the week on Monday as investors turned their attention to a worsening COVID outbreak in China, and the potential hit to demand for the commodity.
“Global... Oil prices slumped to start the week on Monday as investors turned their attention to a worsening COVID outbreak in China, and the potential hit to demand for the commodity. “Global markets seem to be a bit nervous about the effectiveness of China’s zero-tolerance policy toward COVID and the potential for more demand and supply chain disruptions as we might be only dealing with the tip of the iceberg,” said Stephen Innes, managing partner at SPI Asset Management, in a note to clients.
“Severe weather caused damage to two of the terminal’s three mooring systems, and the resulting halt to loadings impacts around 1mb/d of crude flows – significant in the context of already-tight markets. Repairs will reportedly take at least one month, adding to near-term supply uncertainty and supporting oil prices.” he said.
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