Asian markets fall amid unrest in China due to Covid restrictions
Oil prices fall as China’s Covid protests continue
Crude oil futures fell early in Asia as high Covid cases, virus restrictions and unrest in China raise fears about demand from the world’s second-largest oil consumer.
West Texas Intermediate futures shed 0.35% to $76.01[ads1] a barrel, while Brent crude futures lost 0.26% to $83.41 a barrel.
Oil prices saw sharp falls last week as “increasing shutdowns in China raised concerns about demand,” ANZ Research’s Brian Martin and Daniel Hynes wrote in a Monday note.
“This remains a headwind for oil demand,” they said, adding that the impact of rising Covid cases was also reflected in China’s mobility data.
— Abigail Of
Offshore Chinese yuan weakens in Asia morning as Covid protests persist
The offshore Chinese yuan weakened sharply against the US dollar on negative sentiment over unrest in China over Covid restrictions.
The currency weakened around 0.8% against the US dollar to 7.2529 in Asian morning trade.
The dollar index rose 0.32% to 106.29, with investors likely to view the greenback as a safe haven as concerns over China increase.
– Jihye Lee
