Oil Prices Soften as Shanghai Enters First Phase of Lockdown
On Monday, Shanghai began its two-phase citywide lockdown. The city, home to about 26 million people, is battling its worst coronavirus outbreak in over two years.
Shanghai is a key manufacturing and financial center and will remain partially open under the staggered lockdown.
The first phase will include Shanghai’s financial district and nearby areas, which will be locked down today through Friday while mass testing is implemented. In the second phase, the western side of Shanghai is scheduled to go into a five-day lockdown starting on Friday.
Oil prices have declined on concerns over weakened Chinese demand due to the recent lockdown measures. Brent crude futures, the international benchmark for oil prices, was down by 5% to $111.40 a barrel early Monday. West Texas Intermediate futures dipped by nearly 6% to under $108.00 a barrel.
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