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Oil falls on possibility of reduced China demand
FOX Business Flash top headlines for April 8
Here are your FOX Business Flash top headlines for April 8.
Oil was lower in early Asian trading due to the possibility China's COVID-19 lockdowns will crimp demand.
Crude oil prices could weaken by another 3%-5% if there seems no end in sight for China's pandemic lockdowns, said Oanda senior market analyst Edward Moya.
WTI crude oil should find decent support at the mid-$90-per barrel level, but continued U.S. dollar strength could keep commodities vulnerable to further falls, Oanda reported.
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June WTI crude oil futures are 1.3% lower at $97 per barrel, while June Brent crude oil futures were 1.2% lower at $101.53, per barrel. For several weeks, the benchmarks have been at their most volatile since June 2020.
The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, locked down under its "zero tolerance" for COVID-19. China is the world's biggest oil importer.