Extreme Stress In Equities Drag WTI Crude Near $95 Mark, Chinese Covid Fears Weigh Too

15 Mar 2022 , 05:43 PM

Crude oil futures tanked today, testing around two week low amid renewed worries on Covid-19 spikes in China and currently trade down around 8% at $95per barrel. MCX Crude oil futures are also off around 7% at Rs 7281 per barrel after breaking under the key Rs 8000 per barrel mark in last session. While the Russia-Ukraine war continues, oil has been hurt by lack of fresh buying after the recent spike. Weak equities are also hurting the sentiments. Asian stocks fell as markets eyed rising Covid-19 cases in China and the worries over lockdowns. Chinese benchmark Shanghai Composite index tanked 5% while Hong Kongs Hang Seng plunged 5.72%. Japanese Nikkei index ended flat. European markets moved sharply lower with German DAX and French CAC losing around 2%.

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