Oil sinks amid risk-off mood as China’s virus cases climb again
- Date: 12-Jul-2022
- Source: The Gulf Time
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil sinks amid risk-off mood as China’s virus cases climb again
News
Bloomberg
Oil declined as a renewed increase in China’s virus cases fed into weakness across global markets.
West Texas Intermediate dropped near $102 a barrel. Covid-19 cases continued to climb in Shanghai and other regions, with new sub-variants posing a challenge to the country’s Covid Zero strategy. Oil also fell on a stronger dollar, and on the cancellation of a court order halting loadings from a key Russian terminal.
A court in the Krasnodar region on Monday cancelled an instruction to suspend shipments from the CPC terminal on Russia’s Black Sea coast, which mainly exports Kazakh crude. It’s due to ship 1.2 million barrels a day this month.
Oil dipped below $100 last week, then rebounded as the market was whipsawed by competing supply and demand outlooks. US President Joe Biden is scheduled to visit Saudi Arabia in the coming days during a tour of the Middle East as he seeks to tame rising energy prices that are weighing on global economy.
There are some signs of relief for Biden. Gasoline prices — a major contributor to inflation and a central issue in US elections — have fallen for 27
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