Oil Prices Slide As China Reaffirms Covid Containment Strategy

Crude oil started the week down as the latest updates from China, which included a reiteration of Beijing’s commitment to zero Covid tolerance and weaker-than-expected October exports, added to bearish sentiment. Over the weekend, Chinese government officials signaled the government had no intention of changing its approach to Covid containment, which meant large-scale lockdowns will continue in case of infection flare-ups, affecting demand for crude. Last week, unverified reports on social media said there were signals Beijing may reconsider…

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