Oil falls 4% to below $100 per barrel on worsening China demand outlook

Oil resumed its decline as China’s virus resurgence worsened, raising concerns about demand from the world’s biggest crude importer.

Brent crude for June delivery was down $3.93, or 3.8 per cent, at $98.85 a barrel by 1130 GMT. US West Texas Intermediate crude lost $4.19, or 4.3 per cent, to $94.07.

Virus cases continue increasing in Shanghai, and there is no clarity on when restrictions will be lifted. The flare-up has led to disruptions at ports and prompted some refiners to trim operating rates.

Oil now has given up most of the gains seen since Russia’s invasion of Ukraine in late February following