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by Stockwatch Business Reporter
West Texas Intermediate crude for June delivery lost $3.53 to $98.54 on the New York Merc, its first time below $100 in two weeks, while Brent for June lost $4.33 to $102.32 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.85 to WTI, down from a discount of $12.30. Natural gas for May added 14 cents to $6.67. The TSX energy index lost 7.24 points to close at 224.00.
Oil prices skidded on Chinese lockdowns as Shanghai, the country's commercial capital, reported record daily COVID deaths over the weekend. Cases are also rising in the actual capital of Beijing. The news out of both cities "torpedoed sentiment," analyst Jeffrey Halley of the New York brokerage OANDA told Reuters. Separately, Claudio Galimberti, senior vice-president of analysis at the research firm Rystad Energy, published a note predicting that the Chinese lockdowns, as well as the war in Ukraine and surging inflation, will "take a significant bite out of global oil demand." He estimated that global demand will fall by 1.4 million barrels a day in 2022 and not rebound until at least 2023.
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