"Oil price falls on Beijing’s Covid-19 and inflation concerns"

" \n Oil price falls on Beijing's Covid-19 and inflation concerns \n \n\n \n Oil prices\u00a0dropped more than US$2 on Monday as a flare-up in COVID-19 cases in Beijing dashed hopes for a rapid pick-up in China\u2019s fuel demand, while worries about global inflation and sluggish economic growth further depressed the market. \n \n\n \n Brent crude futures fell US$2.3, or 1.89%, to US$119.71 a barrel by 0647 GMT, while U.S. West Texas Intermediate crude was at US$118.4 a barrel, down US$2.27, or 1.88%. \n \n\n \n Prices fell after Chinese officials warned on the weekend of a \u201cferocious\u201d spread of\u00a0COVID-19\u00a0in the capital, where mass testing is planned until Wednesday. \n \n\n \n \u201cChina remains the significant near-term downside risk, but most view the gradual normalisation of Chinese demand as a powerful positive for oil,\u201d Stephen Innes of SPI Asset Management said in a note. \n \n\n \n That was despite the potential for lockdown noise in coming weeks, Innes added, with demand still far from reflecting normal conditions. \n \n\n \n Both global oil benchmarks rose more than 1% last week after data showed robust oil demand in the world\u2019s top consumer, the United States, despite inflation concerns. \n \n\n \n Their rise was aided by hopes for a consumption rebound in second-biggest global consumer China after lockdown measures were lifted from 1 June. \n \n\n \n Concerns about further interest rate hikes after Friday\u2019s red-hot U.S. inflation data are also weighing on global financial markets. \n \n\n \n The U.S. consumer price index increased a bigger-than-expected 8.6% last month, in its largest annual increase since December 1981, official figures showed, dashing hopes that inflation had peaked. \n \n\n \n \u201cWorries over slowing economic growth dampening global consumption in the coming months and persistent COVID curbs in China denting its consumption in the short term are dominating market sentiment,\u201d Vandana Hari, founder of analysis provider Vanda Insights, said in a note. \n \n\n \n Oil producers and refiners are running at full throttle to meet peak summer demand, while traders are watching closely for any possible impact from labour disputes in Libya, Norway and South Korea on oil exports and consumption. \n \n\n \n To boost supplies in the West, top exporter Saudi Arabia plans to divert some crude to Europe from China in July, traders said. \n "

"Oil price falls on Beijing’s Covid-19 and inflation concerns"

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