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Reuters
Oil slumps 4% as Shanghai lockdowns stoke demand fears
NEW YORK (Reuters) -Oil slumped about 4% on Monday to its lowest in two weeks on growing worries about the global energy demand outlook due to prolonged COVID-19 lockdowns in Shanghai and potential increases in U.S. interest rates. “The prospect of slower economic growth this year amid U.S. interest-rate hikes … has already led to a downward revision of oil-demand forecasts,” analysts at the Eurasia Group consultancy said, noting “The longer the Ukraine war and the China lockdowns persist, the higher the risk that demand growth will be even weaker.” China is the world’s biggest oil importer.
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