Singapore June 13 2022: Oil prices slipped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China’s fuel demand, while worries about global inflation and economic growth further depressed the market.
Brent crude futures fell $2.06, or 1.7%, to $119.95 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $118.54 a barrel, down $2.13, or 1.8%.
Prices tumbled after Chinese officials warned on Sunday of a “ferocious” COVID spread in the capital and announced plans to conduct mass testing in Beijing until Wednesday.
Concerns about further interest rate hikes following a sharp rise in U.S. inflation data on Friday are also weighing on global financial markets.
