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Oil sinks over China demand fears, stocks rise on Ukraine talks

US benchmark West Texas Intermediate oil and Europe's London Brent crude both dropped more than six percent in value.

March 28, 2022 / 09:57 PM IST

World oil prices dived Monday as Shanghai's phased Covid lockdown reignited fears over Chinese energy demand.

US benchmark West Texas Intermediate oil and Europe's London Brent crude both dropped more than six percent in value.

Stock markets, however, mostly rose, with traders hoping for progress in ceasefire talks between Russia and Ukraine, though gains were tempered by the Shanghai lockdown that also stoked concern over strained supply chains.

"Oil prices started this week trading lower after news of the lockdown in the financial hub of Shanghai shook markets with prospects of further economic slowdowns and supply chain issues," said XTB analyst Walid Koudmani.