Oil retreats as China's stimulus package fails to allay concerns

Beijing rolls out measures to try to support Covid-hit economy

Oil fell as Chinese efforts to cushion the impact of antivirus lockdowns failed to reassure investors over the outlook for Asia’s top economy. West Texas Intermediate sagged below $109 a barrel after ending little changed on Monday.

The drop came even as China rolled out a broad package of measures to support businesses and aid demand, including policies to help people buy cars and ensure cargo transport runs smoothly. Crude retr­eated alongside other industrial commodities, including copper and iron ore.

As China’s curbs drag on, banks are pruning forecasts for growth in the largest oil importer. UBS Group