New COVID Restrictions In China Weigh Oil Down – 11 July, 2022

Oil prices fell as fresh COVID-19 restrictions hit the worlds biggest crude importer, China, with additional fears of global economic slowdowns weighing on the future of fuel demand. Brent crude futures for September fell $1.47, or 1.4%, to $105.63 a barrel, while U.S. West Texas Intermediate crude for August delivery was at $102.50 a barrel, down $1.59, or 1.5%. Multiple Chinese cities are adopting fresh COVID-19 curbs, from business halts to lockdowns, to rein in new infections as the highly infectious BA.5.2.1 sub-variant has been detected in the country.