Oil prices are falling, but it has nothing to do with Biden’s policies
Global crude oil prices continued to slide Monday because of the sudden decreased demand sparked by China’s massive COVID-19 lockdowns, experts said.
The Brent crude index, the worldwide oil benchmark, dropped to $98.93 per barrel Monday morning, falling more than 3.39% overnight. The U.S. WTI index decreased more than 3.75% below $94.30 per barrel Monday.
“We have the re-emergence of Covid in China, which is throwing another spanner into the works when we’re trying to assess what the demand will be,” Richard Gorry, JBC Energy Asia’s managing director, told CNBC.
The oil benchmarks have sharply dropped in recent days as the Chinese government has initiated mass economic coronavirus-related lockdowns affecting the nation’s industrial production, Bloomberg reported, and disrupting the world oil supply chains dependent on Chinese demand.
Shanghai, the country’s financial hub, has implemented some of the harshest coronavirus restrictions since 2020.- READ MORE
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