Brent crude oil price
Oil prices dropped, falling below $100 a barrel, as China, the world’s largest oil importer, imposed new lockdowns to combat an outbreak of Covid-, moves that could threaten demand.The swing in oil prices, which were approaching $130 a barrel earlier this month, reverberated through the stock market: Shares of airlines rallied, and oil producers slid.Brent crude, the global benchmark, fell about 8 percent to about $98.87 a barrel, its lowest price since late February. West Texas Intermediate crude, the U.S. benchmark, was down more than 8 percent at $94.43 a barrel. Over the past week, crude prices have plunged by more than 20 percent, reversing much of the surge that came after Russia’s invasion of Ukraine. Tens of millions residents in provinces and cities including Beijing, Shanghai and Shenzhen are under lockdown amid an outbreak of the Omicron variant of the coronavirus.Travel has been cut off between cities, production lines have stopped and malls have been closed. …
