Oil Prices Fall Further as China Extends COVID-19 Curbs

Oil Prices Fall Further as China Extends COVID-19 Curbs
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters
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LONDON—Oil prices fell on Thursday, extending sharp losses from the previous session, as China’s extension of lockdown measures to curb the COVID-19 spread exacerbated concerns that a slowdown in economic activity globally would hit fuel demand.

Brent crude futures lost 40 cents, or 0.4 percent, to $87.60 per barrel by 1002 GMT, near a late-January low. U.S. crude futures were down 41 cents, or 0.5 percent, at $81.53 a barrel, near a mid-January low.