Oil Prices Drop As China Initiates Biggest Covid Lockdown In 2 Years

Crude oil prices started the week with a decline in response to the start of a lockdown in Shanghai due to the high number of Covid infections, rekindling concern about the loss of oil demand in the world's largest importer. This morning, Brent crude had slipped to $112 per barrel, Reuters reported earlier today, before rebounding somewhat. On the other hand, a shortage of Russian gas, prompted by traders' reaction to Western sanctions against Moscow, served to keep oil at over $100 and will likely continue keeping it there for the observable future…