Oil prices sink as China's tightening anti-Covid curbs hurt demand outlook

Crude has erased the gains made at the start of the quarter, when the Organization of Petroleum Exporting Countries and allies including Russia agreed to reduce production by 2 million barrels a day

Oil sank again following the biggest weekly decline since August as China tightened anti-Covid curbs, hurting the outlook for demand.
 

Global benchmark Brent fell toward $87 a barrel after retreating by almost 9% last week. The country saw its first Covid-related death in almost six months on Saturday and another two were reported on Sunday, sparking fears of a further wave of restrictions in the world’s biggest oil importer just as a city of 11 million near the capital asked residents to stay home amid an outbreak.

Goldman Sachs Group Inc. lowered its fourth-quarter forecast for Brent crude by $10