Oil Tumbles Anew as China's Covid Bogeyman Returns

[Yo_Mama_Been_Loggin]

Investing.com -- If Vladimir Putin and OPEC are oil bulls’ best friends, you can count on China and the Federal Reserve for having the back of the bears.

In a way that’s become quite predictable these days, China’s Covid bogeyman pops up after crude prices have stacked up double-digit gains to announce new social curbs in the world’s largest oil importer.

New York-traded West Texas Intermediate crude settled down $1.78, or 2%, at $89.35, extending Monday’s 1.6% slide. The U.S. crude benchmark rose 17% through last week, registering a powerful start for October, after a 12.5% drop in September and 24% loss for the third quarter.

Brent oil settled Tuesday’s session down $1.90, or 2%, at $94.29 per barrel, after a 1.8% slide in the previous session. Brent rose 11% last week, making up all of September’s loss and recovering partially from its 22% loss in the third quarter.

https://www.msn.com/en-us/money/markets/oil-tumbles-anew-as-china-s-covid-bogeyman-returns/ar-AA12Qvzm

[dalton99a]

1. So Xi Jinping wants to put every Chinese under house arrest

[OAITW r.2.0]

3. Or maybe, he supports a fellow dictator without price supports for oil.

Which is not much support at all.

[no_hypocrisy]

2. Hey MSB, does that mean *3* million barrels less a day????

Kiss my ass.

[OAITW r.2.0]

4. Send him a bill for USN annual muscle to get his product to market.

$300BB should cover it.

[Lovie777]

5. hummmmmmmmm...