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.

To Read Full Story Login Below.

Label Label
Foodmarket, a specialized media offering from Urner Barry, is the premier source of market news for the food industry.

DISCLAIMER
THE INFORMATION, PRODUCTS, CONTENT AND DATA ON THE SITE ARE PROVIDED “AS IS” AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE DO NOT WARRANT THAT THE FUNCTIONS CONTAINED IN INFORMATION, CONTENT AND DATA ON THE SITE (INCLUDING, WITHOUT LIMITATION, DERIVED CONTENT) WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THE SITE OR THE SERVERS THAT MAKE SUCH INFORMATION, CONTENT AND DATA AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. MOREOVER, YOU ASSUME THE ENTIRE COST OF ALL NECESSARY SERVICING, REPAIR OR CORRECTION. WE DO NOT WARRANT OR MAKE ANY REPRESENTATIONS REGARDING THE USE OR THE RESULTS OF THE USE OF ANY INFORMATION, CONTENT, DATA, PRODUCTS OR SERVICES CONTAINED ON OR OFFERED, MADE AVAILABLE THROUGH, OR OTHERWISE RELATED IN ANY WAY TO THE SITE, INCLUDING, WITHOUT LIMITATION, DERIVED CONTENT, OR ANY THIRD-PARTY SITES, PRODUCTS OR SERVICES LINKED TO FROM THE SITE IN TERMS OF THEIR CORRECTNESS, ACCURACY, COMPLETENESS, RELIABILITY, SAFETY OR OTHERWISE. APPLICABLE LAW MAY NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU.