Oil prices declined on Monday as a fresh set of lockdowns in China — the world’s largest oil importer — sparked demand slowdown fears.
"Today's price slide is attributable first and foremost to concerns about demand now that the Chinese metropolis of Shanghai has entered into a partial lockdown," Commerzbank said Monday in a note to clients.
China is the world's largest oil importer, so any slowdown in demand will weigh on prices. The nation uses around 15 million barrels per day, and imported 10.3 million barrels per day in 2021, according to Andy Lipow, president of Lipow Oil Associates. "The magnitude of [the] sell-off reflects fears that Covid lockdowns in China could spread, significantly impacting on demand at a time when the oil market is trying to find alternatives to Russian oil supplies," Lipow said Monday.
Another round of peace talks between Ukraine and Russia is slated for this week, which Commerzbank said was also contributing to oil's slide.
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