Sharjah24 – AFP: Oil prices plunged on Tuesday as China, a major energy consumer, placed nearly 30 million people under Covid lockdown, and Hong Kong and Chinese mainland stock markets dove, while Wall Street stocks rallied.
Brent oil futures finished under $100 a barrel for the first time in nearly three weeks, reflecting worries about the prospects for the world’s second largest economy as it confronts the latest Covid-19 surge.
“We have good news and we have bad news,” said Briefing.com analyst Patrick O’Hare.
“The good news is that oil prices are down sharply. The bad news is that the big drop in oil prices is due to growth concerns which, by extension, don’t bode well for earnings growth prospects,” O’Hare said.
China reported 5,280 new Covid-19 cases on Tuesday, more than double the previous day’s tally, as the highly transmissible Omicron variant spread across a country that has stuck tightly to a zero-Covid strategy.
Related posts:
Open Recruitment for 'Innovative Small Modular Reactor (i-SMR)' Project Manager - Energy Daily
When will the 6,260 new appointments be made?
2024-05-05 19:43:31
Unrealized loss of 874.9 billion yen in Japanese government bonds held by the Bank of Japan
Breaking News: Eric Zemmour to Head Mazarine at Fayard - Management Shake-Up at Hachette Group
The FNE-Formation, an aid with nebulous outlines for fragile companies
Rieter: Textile Machinery Manufacturer's Profits Rebound Despite Decline in Revenues
Hotels offer discounts and incentives to increase occupancy during the "Al-Adha holiday" and the sum...
Galloping inflation still a concern | VAT News