SULAIMANI (ESTA) — Oil fell about $2 a barrel on Monday as a flare-up in COVID-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure.
Brent crude was down $1.86, or 1.5%, to $120.15 at 0907 GMT, while U.S. West Texas Intermediate crude was down $2.15, or 1.8%, at $118.52.
Oil has surged in 2022 as Russia’s invasion of Ukraine compounded supply concerns and as oil demand recovered from COVID lockdowns. Brent hit $139, the highest since 2008, in March, and both oil benchmarks rose more than 1% last week, according to Reuters.
(Esta Media Network/Reuters)
