Oil Falls Below $100, Stocks Climb
Meanwhile, traders track war, new COVID lockdowns in China
Oil prices swung lower Tuesday, and U.S. stocks rallied in morning trading as investors reckoned with renewed coronavirus lockdowns in China and more cease-fire talks between Russia and Ukraine against an increasingly battle-scarred backdrop.
Several of China’s industrial hubs have been hit with business and travel restrictions as the country grapples with its worst coronavirus outbreak since 2020, with daily cases doubling on Tuesday, according to Chinese authorities. The resurgence, in a country that has taken a “zero tolerance” approach to the virus, has sparked fears of major slowdown in one of the world’s biggest economic engines, as well as worries about an even more snarled global supply chain.
For the first time in about two weeks, oil prices were trading below $100 per barrel. Brent crude, the international benchmark, shed more than 7.8 percent to about $98.50 per barrel. West Texas Intermediate crude, the U.S. benchmark, was trading 8.2 percent lower, about $94.50.
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