WTI, Brent Prices Slide

WTI, Brent Prices Slide
WTI, Brent Prices Slide

Oil prices fell more than $1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict Covid containment approach, dashing hopes of an oil demand rebound at the world's top crude importer.
Brent crude futures dropped $1.20, or 1.2%, to $97.37 a barrel, after hitting as low as $96.50 earlier.
US West Texas Intermediate crude was at $91.24 a barrel, down $1.37, or 1.5%, dropping to a session low of $90.40 a barrel earlier in the session, Zawya reported.
"Oil prices dropped sharply as the Chinese officials vowed to stick to the Covid-zero policy while infected cases climbed in China, which may cause more restrictions measures, darkening the demand outlook," CMC Markets analyst Tina Teng said.
A jump in the US dollar is also weighing on oil prices, she added.
Four Federal Reserve policymakers on Friday indicated they would still consider a smaller interest rate hike at their next policy meeting despite strong jobs data.
Brent and WTI rose last week, up 2.9% and 5.4%, respectively, as rumors of a possible end to stringent Covid-19 lockdowns sent China's stock markets and prices of commodities higher despite the lack of any announced changes.
However, at a news conference on Saturday, health officials said they will persevere with their "dynamic-clearing" approach to Covid cases as soon as they emerge.

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