Oil falls amid civil unrest in China

After the weekend, oil prices fell sharply due to the escalation of protests in several major cities in China and increased fears about the economic turmoil in the country.

Since last week, Brent Crude and West Texas Intermediate (WTI) oil have continued to fall and are trading at the weakest level since January.

According to Investing.com., civil unrest broke out in several major Chinese cities over the weekend. A growing number of civilians took to the streets to express their dissatisfaction with the imposition of the strictest restrictions due to the zero-COVID policy in China. 

The decline in demand for Chinese oil hit crude markets. Crude oil imports into the country have been steadily declining this year, and there is little sign of a recovery. The increase in fuel export quotas in the country also points to weak local consumption.

Not much is currently known about oil supply. Focus is now on the OPEC+ meeting, which will be held this week. After the meeting, more production cuts are expected.