Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Reading: Oil drops by $2 due to a surge in China Covid cases
Share
Aa
Times of PakistanTimes of Pakistan
Search
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Follow US
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
EconomyWorld

Oil drops by $2 due to a surge in China Covid cases

Virus outbreaks undermine prospects of China's economy resuming operations.

News Desk
By News Desk Published November 15, 2022
Share
oil price drops by 2 dollar
Image Credits: The Globe and Mail

Oil prices sank $2 on Monday, pulled down by a stronger US dollar, as rising coronavirus infections in China shattered hopes of the world’s largest crude importer quickly restarting its economy.

Brent crude futures were down $2.25, or 2.5%, to $95.23 a barrel by 1700 GMT, after rising 1.1% the day before. After rising 2.9% on Friday, WTI crude futures slipped $2.25, or 2%, to $88.03.

Commodity prices rose on Friday after China’s National Health Commission revised its Covid prevention and control measures to reduce quarantine timeframes for cases’ close contacts and arriving visitors. However, Covid-19 instances increased in China over the weekend, with Beijing and other major cities registering record infections on Monday.

On Monday, the US dollar climbed versus the euro and the yen as investors watched probable future US Federal Reserve interest rate increases after a policymaker claimed last week’s lower US inflation statistics were being overstated.

A rising dollar raises the price of dollar-denominated goods for owners of other currencies, putting pressure on oil and other risk assets.

TAGGED: China Covid cases, Drop in oil price, Oil drops by $2, surge in China Covid cases
By News Desk
The author is the Times of Pakistan news desk team.
Previous Article jacqueline fernandez gift scandle The Bollywood starlet Jacqueline Fernandez is embroiled in a ‘gifts controversy’
Next Article oil price rise Oil prices may rise marginally to adjust taxes on petroleum goods
Leave a comment Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

More Latest News

us
More than anticipated, US firms added 311000 jobs in February
World Economy
After nearly 7 years
After nearly 7 years of antagonism, Middle Eastern adversaries, Iran and Saudi Arabia decided to resume ties
World Politics
sardar
Sardar Khetran awarded bail in triple homicide case involving Barkhan
Pakistan
Imran khan arrest
In connection with comments made against state institutions, BHC suspends Imran’s arrest warrants
Pakistan Politics
president xi jin ping
Xi wins a third term as president despite numerous obstacles
World Politics
Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
  • ٹائمز آف پاکستان اردو
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
© 2002-2023 TIMES OF PAKISTAN (PRIVATE) LIMITED
This material may not be published, reproduced, broadcast, rewritten, or redistributed without permission.
Welcome Back!

Sign in to your account

Lost your password?