{"id":17041,"date":"2022-03-28T04:28:04","date_gmt":"2022-03-28T04:28:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/28\/shanghai-covid-oil-prices-slide-after-city-starts-lockdown\/"},"modified":"2022-03-28T04:28:04","modified_gmt":"2022-03-28T04:28:04","slug":"shanghai-covid-oil-prices-slide-after-city-starts-lockdown","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/28\/shanghai-covid-oil-prices-slide-after-city-starts-lockdown\/","title":{"rendered":"Shanghai Covid: Oil prices slide after city starts lockdown"},"content":{"rendered":"
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Global oil prices have fallen as China begins to implement a citywide lockdown in Shanghai, a key financial and manufacturing hub. <\/b><\/p>\n<\/div>\n

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Brent crude slipped more than $3 a barrel on fears it would lead to a drop in oil demand.<\/p>\n<\/div>\n

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The Shanghai Composite stock index fell in early trade before recouping most of the losses later in the morning.<\/p>\n<\/div>\n

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The lockdown, which began Monday, is China’s biggest since the coronavirus outbreak began more than two years ago. <\/p>\n<\/div>\n

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So far, Chinese authorities have resisted sealing off the city of nearly 25 million people to avoid destabilizing the world’s second largest economy.<\/p>\n<\/div>\n

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The city will enter a two-phase lockdown over nine days while authorities conduct Covid-19 testing.<\/p>\n<\/div>\n

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The important financial center has been fighting a new wave of infections for almost a month, although the number of cases is not high by international standards.<\/p>\n<\/div>\n

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It comes after lockdowns in China hit tens of millions across the country earlier this month, including throughout Jilin province and the tech hub of Shenzhen.<\/p>\n<\/div>\n

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The futures contract for Brent crude — an international benchmark for oil prices — fell 2.8% to $117.30 in late morning trading.<\/p>\n<\/div>\n

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Traders are concerned about the effectiveness of China’s zero-tolerance policy on Covid, said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n<\/div>\n

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Mr. Innes also said in a note to investors that further supply chain disruptions as well as a drop in demand are expected.<\/p>\n<\/div>\n

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“Maybe we’re just dealing with the tip of the iceberg,” he said.<\/p>\n<\/div>\n

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Meanwhile, the Shanghai Composite stock index opened lower on Monday before rebounding to trade just 0.13% lower by midday.<\/p>\n<\/div>\n

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    \n
  • China announces lockdown in Shanghai <\/li>\n
  • How is China’s zero-Covid strategy changing?<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    Public transport in Shanghai has been shut down and companies and factories in the city have been ordered to shut down operations or work remotely. <\/p>\n<\/div>\n

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    The lockdown will come in two phases, beginning Monday with the east side of Shanghai, which includes the city’s financial hub.<\/p>\n<\/div>\n

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    The west side of Shanghai is to be closed from Friday. <\/p>\n<\/div>\n

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    This phased approach means half of the city can remain open.<\/p>\n<\/div>\n

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    Some companies had already suspended operations in Shanghai, which has been battling a new wave of Covid infections for nearly a month. <\/p>\n<\/div>\n

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    Last week, Shanghai Disney Resort said it would close until further notice, citing the “current pandemic situation.” <\/p>\n<\/div>\n

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    “We will continue to monitor the pandemic situation and will consult with local authorities and notify guests once we have a confirmed date for operations to resume,” it said.<\/p>\n<\/div>\n

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    China’s financial capital, home to nearly 25 million people, Shanghai is now a divided city. <\/p>\n<\/div>\n

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    All east of the main river are now closed. Another round of mass testing has begun. <\/p>\n<\/div>\n

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    By the end of the week, the western half of the city will be closed. <\/p>\n<\/div>\n

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    Public transport will be closed and the city cordoned off. Anyone who goes must show a negative test. <\/p>\n<\/div>\n

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    It’s all part of an enormous effort to try to halt the spread of a resurgent virus that China’s leaders thought they had banished. <\/p>\n<\/div>\n

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    Anyone who tests positive here is hospitalized or in forced quarantine. <\/p>\n<\/div>\n

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    As numbers continue to rise, China’s insistence on a zero-Covid strategy will be tested – but also subtly adjusted.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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The Shanghai Composite stock index fell in early trade before recouping most of the losses […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-17041","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nShanghai Covid: Oil prices slide after city starts lockdown - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/03\/28\/shanghai-covid-oil-prices-slide-after-city-starts-lockdown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shanghai Covid: Oil prices slide after city starts lockdown\" \/>\n<meta property=\"og:description\" content=\"Global oil prices have fallen as China begins to implement a citywide lockdown in Shanghai, a key financial and manufacturing hub. 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