Oil prices today: rough edges lower as massive COVID testing begins in China
Oil prices fell in early Asian trading on Thursday as concerns about rising coronavirus cases in China, the world’s largest oil importer, weighed on futures markets.
The Chinese capital Beijing reported 48 new symptomatic and 2 new asymptomatic COVID-19 cases before April 27, state broadcaster CCTV reported Thursday.
The city registered 31 symptomatic cases and three asymptomatic the day before, as it began a mass-testing program to contain another outbreak.
Brent oil futures fell 37 cents, or 0.4 percent, to $104.95 a barrel at 0006 GMT. US West Texas Intermediate crude oil futures fell 27 cents, or 0.3 percent, to $101.75 a barrel.
Beijing authorities continue to crack down on COVID-19 outbreaks and try to avert the citywide lockdown that has shrouded Shanghai for a month.
The 12.2 million-population Chinese city of Hangzhou, home to e-commerce giant Alibaba, will conduct massive COVID testing from April 28, state media reported Wednesday.
The market is further bolstered by concerns about tight global energy supplies following the Russian invasion of Ukraine and subsequent sanctions against Moscow by the United States and its allies.
Russian energy giant Gazprom said on Wednesday it has halted gas supplies to Bulgaria and Poland.
British Major Shell said it would no longer accept refined oil mixed with Russian products, according to trade documents, while Exxon Mobil said it had declared force majeure over its Sakhalin-1 operations in Russia’s far east.
