{"id":31285,"date":"2021-08-09T16:18:08","date_gmt":"2021-08-09T14:18:08","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=31285"},"modified":"2021-08-09T16:18:57","modified_gmt":"2021-08-09T14:18:57","slug":"oil-prices-plunge-as-china-grapples-with-new-covid-19-outbreak","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/08\/09\/oil-prices-plunge-as-china-grapples-with-new-covid-19-outbreak\/","title":{"rendered":"Oil Prices Plunge As China Grapples With New COVID-19 Outbreak"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31285\" class=\"elementor elementor-31285\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Oil Prices Plunge As China Grapples With New COVID-19 Outbreak<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>09\/08\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Oil prices crashed by 4% early on Monday to the lowest level since May, after the world\u2019s top crude importer, China, imposed more travel restrictions to fight what it sees as the worst outbreak since the original viral outbreak in Wuhan.<\/p><p>Concerns about oil demand in China and the wider Asia region continued to weigh on oil prices at the start of this week. A stronger U.S. dollar also depressed oil prices as it makes crude more expensive for holders of currencies other than the greenback.<\/p><p>Following a large weekly loss in the first week of August, Brent Crude has now fallen below the $70 a barrel mark.<\/p><p>As of 7:28 a.m. EDT on Monday, the price of WTI Crude had slid 4.13% at $65.52 and Brent Crude was plunging by 3.88% at $68.00.<\/p><p>China is testing tens of millions of people and is suspending airline and long-haul bus trips from cities with reported COVID cases in an attempt to eradicate early the Delta variant outbreak in the country. The capital Beijing is also tightening travel restrictions, adding to the already growing concerns about fuel demand in the top oil importer in the world.<\/p><p>Brent is now trading below $70 per barrel \u201cas the Covid-19 comeback led by the rapid spreading delta variant continues to raise concerns about the short-term outlook,\u201d Saxo Bank said in a market commentary on Monday.<\/p><p>\u201cAdditional headwind has also emerged following last week\u2019s dollar and yield rises which is likely to have led to reduced exposure from macro-oriented investors. The market is still expected to be able to absorb the announced production increases from OPEC+ and if not, the group is likely to step in to support prices,\u201d Saxo Bank\u2019s strategy team noted.<\/p><p>According to ING strategists Warren Patterson and Wenyu Yao, \u201cThe prompt ICE Brent time spreads have also narrowed from a backwardation of US$0.69\/bbl a week ago to US$0.36\/bbl currently, pointing to an easing of supply tightness in the spot market.\u201d<\/p><p>Source:<a href=\"https:\/\/oilprice.com\/\" target=\"_blank\" rel=\"noopener\"> OilPrice.Com<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div 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elementor-repeater-item-6550970\" href=\"https:\/\/twitter.com\/StocExpo\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Twitter<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-twitter\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-animation-push elementor-repeater-item-2ea5aad\" href=\"https:\/\/www.facebook.com\/StocExpo\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Oil prices crashed by 4% early on Monday to the lowest level since May, after the world\u2019s top crude importer, China, imposed more travel restrictions to fight what it sees as the worst outbreak since the original viral outbreak in Wuhan. Concerns about oil demand in China and the wider Asia region continued to weigh [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":31286,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Oil Prices Plunge As China Grapples With New COVID-19 Outbreak | StocExpo ","_seopress_titles_desc":"Oil Prices Plunge As China Grapples With New COVID-19 Outbreak. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-31285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/31285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=31285"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/31285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/31286"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=31285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=31285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=31285"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=31285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}