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Oil Extends Losses On China Demand Concerns


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Oil extended losses on Tuesday as continued coronavirus lockdowns in China, the top oil importer, sparked demand concerns.

Benchmark Brent crude futures fell 1.6 percent to $104.28 a barrel while U.S. crude futures were up 1.5 percent at $101.58.

Both contracts posted their biggest daily percentage fall since March on Monday, falling around 6 percent.

Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns in China weigh on demand.

U.S. automaker Tesla Inc reportedly halted production at its Shanghai plant on Monday due to issues with supplies.

China passenger vehicle sales tumbled 35.7 percent last month from a year ago to 1.06 million units, the biggest decline since March 2020 as the economy took a battering linked to lockdowns and other disruptions brought about by the government’s insistence on a hard-line zero-COVID policy, China Passenger Car Association data showed.

Oil markets have also been spooked by fears of a global economic slowdown in the wake of high inflation and rising interest rates.

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