Oil prices slide on Beijing COVID warning, inflation concerns – Reuters

Oil prices slide on Beijing COVID warning, inflation concerns – Reuters

SINGAPORE, June 13 (Reuters) - 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. read more