Skip to main content

MoneyWorks4Me

Crude oil futures end sharply lower as China lockdowns spark demand fears

12 Apr 2022 Evaluate

Crude oil futures ended sharply lower on Monday as Chinese coronavirus lockdowns continued, raising concerns about demand from the world’s biggest crude importer. China's largest Covid-19 outbreak in two years continues to spread despite an extended lockdown of Shanghai’s 25 million people. With China maintaining its COVID Zero strategy, investors fear that there will be consequences for global growth, supply chains and inflation.

Benchmark crude oil futures for May delivery fell $3.97 or 4 percent to settle at $94.29 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $4.16 or 4.18 percent to settle at $102.64 a barrel on London's Intercontinental Exchange.