Oil drops about 7% on fears of weak Chinese demand

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Crude futures fell Brent $8.17, or 6.8 percent, to $112.48 upon settlement.

Crude futures fell West Texas Intermediate The US dollar settled at $7.94 a barrel, or about 7 percent, to settle at $105.96.

This week, Brent rose by about 12 percent and West Texas Intermediate by about nine percent.

City government said Shanghai On Sunday, all businesses and factories will stop working or have employees work remotely as part of a two-phase shutdown over nine days after the city set a new record for asymptomatic cases.

Public transportation, including transportation services, will also be suspended during the closure, further reducing fuel demand.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies known as the Organization of Petroleum Exporting Countries (OPEC) are scheduled to meet OPEC+ Thursday.

OPEC+ has been increasing production by 400,000 bpd every month since August to cushion the impact of cuts made when it hit covid pandemic On demand.





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