Energy Preview: Crude Oil Rebounds More Than 1%

2 Sep 2022 , 08:24 AM

Crude oil prices have recovered more than 1% in early Asia on Friday, although the commodity is set for a sharp decline for the week. Crude oil is lingering at a weeks low, down about 6% this week as resurfacing demand concerns amid renewed lockdown situation in top consumer China is weighing down oil prices. This is in addition to large rate hikes by major central banks that are already keeping sentiments bleak. Chengdu has become the latest Chinese city to be locked down as Beijing continues to pursue its controversial zero-Covid policy. Around 21 million people have been ordered to stay indoors, with just one person per household allowed out for essential shopping. WTI crude oil futures are currently quoting up 1.35% at $87.80 per barrel. Powered by Commodity Insights