Oil Extends Drop With Focus on Ukraine Conflict, China Lockdowns

Oil surged after Russia’s invasion of Ukraine, increasing inflationary pressure in the global economy, but has given up some gains since the middle of last week. China implemented widespread lockdowns to try and stem the latest virus flare-up, which could crimp demand in the world’s largest crude importer. The Federal Reserve, meanwhile, is expected to start tightening monetary policy this week, which is weighing on markets in general.

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