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Oil Futures Plunge Sharply, Settle At 2-week Low


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Crude oil prices fell sharply on Monday, pushing the most active crude futures contract to a 2-week closing low, as a resurgence in Covid cases in China raised concerns about energy demand.

A strong U.S. dollar amid rising prospects of a series of sharp interest rate hikes by the Federal Reserve weighed as well on crude oil prices.

West Texas Intermediate Crude oil futures for June ended down by $3.53 or about 3.5% at $98.54 a barrel.

Brent crude futures were down $3.47 or 3.27% at $102.68 a barrel a little while ago.

Covid cases are on the rise in Shanghai with the city reporting over 19,000 new infections in the last 24 hours. Also, reports indicate a possibility of Beijing imposing fresh lockdown measures in several areas to curb the spread of the virus.

In Beijing, many people have reportedly begun stockpiling food, fearing a lockdown after the emergence of a few cases of COVID-19.

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