Oil trades lower due to Chinese lockdowns

Rising inventories and Covid-19 restrictions result in oil prices dipping Monday.

BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Oil prices fall Monday in connection with China’s Covid-19 lockdowns and replenishing crude stockpiles in the country.

Health restrictions have affected the Asian nation’s economic activity last month, with the Chinese Purchasing Managers’ Index (PMI) dropping to 26-month in April.

European reference oil Brent trades for USD 106.26 a barrel Monday morning against USD 109.61 Friday afternoon.

US benchmark crude West Texas Intermediate sells concurrently for USD 103.92 against USD 107.50.

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