China COVID pulls Oil downI posted earlier today that airports could start restricting flights from China and it's happening this will tarnish anything that China has promised in the past about returning to glory isn't happening and I have been saying this since China changed quarantine times from 7 days to 3 days in the summer that it would cause COVID to run out of control and here we are China is quickly turning into the forbidden land, I have zero faith in China becoming an Oil guzzling country anytime soon and I feel that it will keep Oil down.
WTI crude futures fell toward $78 per barrel on Thursday, extending losses from the previous session on mounting fears that the end of China’s zero-Covid policy could lead to a surge in cases across the globe and trigger worldwide restrictions. The US announced that it will require air passengers from China to show a negative virus test, while Italy said it would test arrivals from the Asian nation and reported that almost half of passengers on two flights from China to Milan tested positive. The prospect of further monetary tightening and a possible recession next year also continued to grip commodity markets.