Oil futures fall Thursday as traders fear a surge in COVID cases in China will dent a recovery in demand.
Oil futures fell Thursday as expectations China’s loosening of COVID curbs would spark a rebound in demand gave way to worries that a surge in infections could weigh on the economy.Price actionMarket drivers Oil-market bulls initially... Oil futures fell Thursday as expectations China’s loosening of COVID curbs would spark a rebound in demand gave way to worries that a surge in infections could weigh on the economy.
“It’s been quite the shift from fighting every case to living with the virus and that creates enormous uncertainty for the start of the year as case numbers surge and the health system is overwhelmed,” said Craig Erlam, senior market analyst at Oanda, in a note. “How the leadership will respond is about as clear as the data itself so for investors it will be a case of learning as we go using what little data and anecdotal evidence we have.
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