Oil Traders Spooked By COVID Lockdowns In China

U.S. West Texas Intermediate crude oil futures are trading lower for the week while testing the key technical area that has held as support for two months. The catalysts behind this week’s selling pressure are new COVID-19 lockdown measures in China, high inflation and rising interest rates. All three events point toward lower fuel demand. Also contributing to the weak price action is the U.S. oil boom, which is helping to expand supplies incrementally. Heading into the end of the week, the key wildcard will remain a possible revival of a…