U.S. gas prices average hits $5 as summer of pain sets in

Reuters

Oil falls on Beijing’s COVID-19 warning and inflation concerns

SINGAPORE (Reuters) -Oil prices dropped more than $2 on Monday as a flare-up in COVID-19 cases in Beijing dashed hopes for a rapid pick-up in China’s fuel demand, while worries about global inflation and sluggish economic growth further depressed the market. Brent crude futures fell $2.3, or 1.89%, to $119.71 a barrel by 0647 GMT, while U.S. West Texas Intermediate crude was at $118.4 a barrel, down $2.27, or 1.88%. “China remains the significant near-term downside risk, but most view the gradual normalisation of Chinese demand as a powerful positive for oil,” Stephen Innes of SPI Asset Management said in a note.