SINGAPORE: Oil prices slipped during Asian trade on Monday as the prospect of further interest rate hikes in the United States and Europe to quell inflation and the imposition of strict COVID-19 restrictions in China overshadowed the global demand outlook.
Prices were little changed last week as gains from a nominal supply cut by the Organisation of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, were offset by ongoing lockdowns in China, the world's top crude importer. "Demand concerns centred on the impact of rising interest rates to combat inflation and China's COVID-zero policy," Commonwealth Bank of Australia analyst Vivek Dhar wrote in a note.
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