Oil posts a third weekly loss as China lockdowns amplify demand worriesBloombergOil dropped for the third week out of the last four with China facing a large consumption hit and the US Federal Reserve signaling that it plans to aggressively tighten monetary policy to curb inflation. A PJSC Lukoil Oil Co oil refinery is pictured in Volgograd, Russia, on Friday. The drop in fuel demand is the equivalent to a decline of 1.2 million barrels a day, the people said. This year, “oil demand is set to shed 1.4 million barrels per day, dropping below the highs set in 2019,” Galimberti said. There are calls for the EU to ban Russian oil, matching steps taken by the US and UK.

Source: Taipei Times April 24, 2022 01:01 UTC