New Covid-19 lockdowns in China pulled oil prices below $ 100 per barrel. barrel, which gave rise to new uncertainty about a global economic expansion hampered by the war in Ukraine, rising inflation and the end of stimulus.
New York oil futures fell 6.4% on Tuesday, extending their decline over the past week to more than 22%. Last week exceeded $ 130 pr. barrel for the first time since the financial crisis, reflecting expectations that a war-related supply shock could last. Trade was hampered by ceasefire talks, bargaining buyers of Russian oil in Asia and a reminder from China that the pandemic is not over yet.