Crude oil extended losses on Monday, amid demand concerns coupled with sharply higher US inflation data that pushed the greenback higher. US headline inflation rate for May rose to 8.6%, the highest since 1981, raising pressure on the Federal Reserve to stick to aggressive rate hikes while raising concern over a possible recession. Meanwhile, in China, Shanghai has imposed fresh Covid-related restrictions in several parts due to a surge in new cases have once again raised concerns about outlook for oil demand. Chinese officials warned on Sunday of a ferocious COVID spread in the capital and announced plans to conduct mass testing in Beijing until Wednesday. WTI crude was at $119.03 a barrel, down $1.70, or 1.41%. Powered by Commodity Insights
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