Oil prices tumbled nearly $10 yesterday as fears over weaker fuel demand in China grew after financial hub Shanghai was locked down to curb a surge in Covid-19 infections. Brent crude dived from above $120 a barrel towards $111 having hit a 14-year high of $139 after Russia invaded Ukraine. Oil and gas prices have soared in recent months as the world emerged from the pandemic and the war in Ukraine threatened supplies. Such a move is likely to hit demand in China and could dent the global economy. A supply crunch is also looming as some countries refuse to buy oil from Russia.

Source: Daily Mail March 29, 2022 02:03 UTC