Oil prices hit lowest level since start of the 12 months as China lockdown protests spook global markets
Oil prices hit their lowest level because the start of the 12 months as protests in China against lockdowns shocked global markets.
The worth of Brent crude briefly slipped below $81 a barrel for the primary time since early January as traders feared the unrest could put the brakes on China’s spluttering economic growth.
That, in turn, would hit demand for fuel within the energy-hungry state. Shell fell 0.3 per cent, or 6.5p, to 2360.5p and BP dipped 1 per cent, or 4.8p, to 483.55p.
Unrest: The worth of Brent crude slipped below $81 for the primary time since early January as traders feared anti-lockdown protests could put the brakes on China’s economic growth
The protests were sparked by an apartment fire in the town of Urumqi last week which killed ten people.
Chinese social media users said strict pandemic control measures hampered rescue efforts.
It has triggered protests in major cities including Beijing, Shanghai and Wuhan, where the virus originated in 2019.
Record high numbers of Covid infections this week have fuelled growing frustration concerning the draconian strategy of China’s ruler Xi Jinping, and fuelled essentially the most significant unrest because the Tiananmen Square protests were suppressed in 1989.
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