Oil tumbles 7% as the market faces a new concern
CNN
Covid fears are rocking the oil market Monday as China's planned lockdown of Shanghai raises concerns about energy demand.
US crude tumbled 7% and Brent lost 6.8% on the Covid news, giving back most of last week's big gains. The heavy selloff comes after officials in China announced plans to lock down half of Shanghai for mass Covid-19 testing beginning Monday.
"China is the big fear factor right now," said Michael Tran, managing director of global energy strategy at RBC Capital Markets.
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