Oil prices fall as Shanghai lockdown prompts expectations of a fall in demand

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Oil prices fall as Shanghai lockdown prompts expectations of a fall in demand
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Oil prices have hit near two-week lows, with analysts pointing to events in China and the US as possible reasons for a fall in demand

"Those are two gusty headwinds suggesting some oil bulls will give way to recession fears and demand devastation.""The tightening COVID-zero restrictions in Shanghai, and fears Omicron has spread in Beijing, torpedoed sentiment today."

There are now nerves that Beijing could follow suit the crucial port city into a damaging pandemic lockdown.

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