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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Slides to Near 2-week Lows as Shanghai Lockdowns Stoke Demand Worries

Oil Shanghai United States Covid-19 Economic Growth
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford

Oil prices slumped to near two-week lows on Monday, extending losses from last week, as concerns grew that prolonged COVID-19 lockdowns in Shanghai and potential US rate hikes would hurt global economic growth and fuel demand.

Brent crude futures were down $3.15, or 3.0%, at $103.50 a barrel by 0326 GMT. They touched $103.41 earlier in the session, the lowest since April 12.

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