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Oil Prices Fall as China Lockdowns Threaten Demand

Crude oil futures edge lower as global economic slowdown and new Covid-19 lockdowns in China threaten demand, while President Biden is set to visit Saudi Arabia in an attempt to boost supply. The WTI benchmark falls 2.7% to $102.01. Prices are also weakened by a rising dollar. “Crude oil is lower on demand factors and a strong greenback,” Spartan’s Peter Cardillo say in a note to clients. The USD is gaining versus major currencies today, with the DXY index up 0.8%