Oil falls as EU mulls Russia crude curbs over Ukraine and China’s covid rules threaten demand – Arabian Business

Oil falls as EU mulls Russia crude curbs over Ukraine and China’s covid rules threaten demand – Arabian Business

Oil declined in tandem with equities as China’s stringent measures to curb Covid-19 threatened a further hit to economic activity and fuel demand. 

West Texas Intermediate futures slid 3 percent as data showing a sharp economic contraction in the world’s top oil importer outweighed growing expectations that Europe may agree to curb crude purchases from Russia.

Beijing is set to close gyms and cinemas over the Labour holiday that lasts through Wednesday, and Shanghai will keep virus measures in place.