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Oil slumps 9% in two days on demand concerns, Brent below $79/bbl.
A surge in Covid-19 cases across China is clouding the near-term demand outlook, overshadowing optimism commodity consumption in the world’s top importer will eventually rebound.
Oil rose amid broader market gains after tumbling around 9% over two sessions, with demand concerns continuing to hang over the market.
West Texas Intermediate futures climbed above $73 a barrel after capping the biggest two-day decline since March. A surge in Covid-19 cases across China is clouding the near-term demand outlook, overshadowing optimism commodity consumption in the world’s top importer will eventually rebound.
