GLOBAL oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial and manufacturing hub.
Brent crude lost more than $4.50 a barrel on concerns that the move would mean that demand for oil will fall. The Shanghai Composite stock index fell in early trade before regaining most of the losses later in the day.
The lockdown, which began on Monday, is China’s largest since the coronavirus outbreak began more than two years ago.
The futures contract for Brent crude – an international benchmark for oil prices – was down by 4% at $115.80 a barrel. Despite the fall, oil remains almost 80% higher than it was a year ago after the war in Ukraine helped to drive up prices. –bbc.com