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Oil prices erase 2022 gains as China’s protests spark demand worries

November 28, 2022


Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand.

Brent crude dropped $2.66, or 3.1%, to trade at $80.97 a barrel at 1000 GMT, after diving more than 3% to $80.61 earlier in the session – its lowest since Jan. 4.

U.S. West Texas Intermediate (WTI) crude slid $2.39, or 3.1%, to $73.89 a barrel. It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021.