Oil drops as China’s Covid resurgence overshadows tight market
![Photo: Chris Helgren/Reuters/Ritzau Scanpix](https://photos.watchmedier.dk/watchmedier/resize:fill:3840:0:0/plain/https://photos.watchmedier.dk/Images/article14228751.ece/ALTERNATES/schema-16_9/20220708-211654-1-1920x1079we.jpg)
West Texas Intermediate crude dropped near USD 104 a barrel after posting a loss last week in volatile trading. Virus cases continued to climb in Shanghai and other regions, with new sub-variants providing a challenge to the country’s Covid Zero strategy. Concerns that the US may tip into a recession are also hanging over the market as the central bank raises rates to combat inflation.
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