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Oil prices dropped about 7% to settle at their lowest level in more than a week
FOX Business Flash top headlines for March 28
Here are your FOX Business Flash top headlines for March 28.
Oil prices dropped about 7% to settle at their lowest level in more than a week, as a worsening COVID-19 outbreak in China threatened to hurt energy demand. Hopes for progress in peace talks between Russia and Ukraine helped ease some concerns over risks to energy supplies.
West Texas Intermediate crude for May delivery dropped about 7% to settle at $103.63 a barrel on the New York Mercantile Exchange. May Brent crude, the global benchmark, sank 6.8% to end at $106.96 a barrel on ICE Futures Europe.
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"Global markets seem to be a bit nervous about the effectiveness of China's zero-tolerance policy toward Covid and the potential for more demand and supply chain disruptions as we might be only dealing with the tip of the iceberg," said Stephen Innes, managing partner at SPI Asset Management, in a note to clients.
Meanwhile, the United Arab Emirates' energy minister doubled down Monday on an oil alliance with Russia that's helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring.