WTI oil prices fell from $100 this morning. Because investors are worried that The Chinese lockdown of Shanghai for a long time and the US Federal Reserve (Fed) accelerating interest rate hikes It will affect economic activities and oil demand.
As of 9:15 a.m. Thai time, the West Texas Intermediate (WTI) crude oil contract will be delivered in June. It fell $3.01, or -2.95%, at $99.06 a barrel.
Shanghai, the financial center of China 51 confirmed deaths from COVID-19 on Sunday (April 24), up from 39 on Saturday. and recorded the highest daily deaths since a new wave of the outbreak in Shanghai.
Shanghai is still under lockdown measures to curb the spread of COVID-19. As a result, Shanghai’s industrial production tumbled 7.5 percent in March, the first drop in two years as strict lockdown measures halted production.
In addition, investors are worried regarding the risk of raising interest rates from the Fed. After Fed Chairman Jerome Powell said he encouraged the Fed to move faster to combat inflation. and indicated there was a chance the Fed would raise interest rates by 0.50% at its May meeting.
