{"id":5310,"date":"2022-03-28T16:49:57","date_gmt":"2022-03-28T16:49:57","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown"},"modified":"2022-03-28T19:42:14","modified_gmt":"2022-03-28T19:42:14","slug":"shanghai-covid-oil-prices-fall-after-city-starts-lockdown","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown","title":{"rendered":"Shanghai Covid: Oil prices fall after city starts lockdown"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial and manufacturing hub.<\/b><\/p>\n

Brent crude lost more than $4.50 a barrel on concerns that the move would mean that demand for oil will fall.<\/p>\n

The Shanghai Composite stock index fell in early trade before regaining most of the losses later in the day.<\/p>\n

The lockdown, which began on Monday, is China’s largest since the coronavirus outbreak began more than two years ago.<\/p>\n

The futures contract for Brent crude – an international benchmark for oil prices – was down by 4% at $115.80 a barrel.<\/p>\n

Despite the fall, oil remains almost 80% higher than it was a year ago after the war in Ukraine helped to drive up prices.<\/p>\n

Traders were concerned about the effectiveness of China’s zero-tolerance policy towards Covid, said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n

‘Tip of the iceberg’<\/b><\/p>\n

Mr Innes also said in a note to investors that there were expectations of further supply chain disruptions as well as a fall in demand.<\/p>\n

“We might be only dealing with the tip of the iceberg,” he said.<\/p>\n

However, Dan Wang, chief economist at Hang Seng Bank China, does not expect the lockdown to have a major impact on supply chains.<\/p>\n

Most factories continue to operate as usual, and workers are either being confined on-site or given priority for testing, the Shanghai-based economist told the BBC.<\/p>\n

“The suburbs are controlled quite well and quite tightly,” she said. “Supply chain stability is a priority in this round.”<\/p>\n

She added that, given the spike in Covid cases, there were expectations of more government stimulus and interest rates could be lowered “quite significantly” in the coming days.<\/p>\n

As long as they are passed on by banks, lower interest rates make it less costly for businesses and individuals to borrow money.<\/p>\n

Meanwhile, the Shanghai Composite stock index opened lower on Monday before regaining those losses to close just 0.07% higher.<\/p>\n

Until now, Chinese authorities had resisted locking down the city of almost 25 million people to avoid destabilising the world’s second largest economy.<\/p>\n

The city will be locked down in two stages over nine days while authorities carry out Covid-19 testing.<\/p>\n

The key financial centre has battled a new wave of infections for nearly a month, although case numbers are not high by some international standards.<\/p>\n

It comes after lockdowns in China affected tens of millions of people across the country earlier this month, including the entire Jilin province and the technology hub of Shenzhen.<\/p>\n

China announces Shanghai lockdown<\/p>\n

How is China’s zero-Covid strategy changing?<\/p>\n

Shanghai’s public transport has been suspended and firms and factories in the city have been ordered to halt operations or work remotely.<\/p>\n

The lockdown will take place in two stages, starting on Monday with the eastern side of Shanghai, which includes the city’s financial centre.<\/p>\n

From Friday, the western side of Shanghai is scheduled to go into lockdown.<\/p>\n

This staggered approach means that half of the city will be able to remain open.<\/p>\n

Some businesses had already stopped operating in Shanghai, which has been battling a new wave of Covid infections for nearly a month.<\/p>\n

Last week, the Shanghai Disney Resort said it would close until further notice, citing the “current pandemic situation”.<\/p>\n

“We will continue to monitor the pandemic situation and consult local authorities, and will notify guests as soon as we have a confirmed date to resume operations,” it said.<\/p>\n

China’s financial capital, home to almost 25m people – Shanghai is now a divided city.<\/p>\n

Everyone east of its main river is now locked down. Another round of mass testing has started.<\/p>\n

By the week’s end the western half of the city will be shut.<\/p>\n

Public transport is being closed and the city sealed off. Anyone leaving needs to show a negative test.<\/p>\n

It is all part of a huge effort to try to stop the spread of a resurgent virus that China’s leaders thought they had banished.<\/p>\n

Anyone testing positive here is sent to hospital or forced quarantine.<\/p>\n

As the numbers continue to rise China’s insistence on a zero-Covid strategy is being tested – but also subtly adapted.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial and manufacturing hub. Brent crude lost more than $4.50 a barrel on concerns that the move would mean that demand for oil will fall. The Shanghai Composite stock index fell in early trade before […]<\/p>\n","protected":false},"author":84,"featured_media":5309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[233,337,329],"class_list":["post-5310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nShanghai Covid: Oil prices fall after city starts lockdown - Angola<\/title>\n<meta name=\"description\" content=\"Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shanghai Covid: Oil prices fall after city starts lockdown\" \/>\n<meta property=\"og:description\" content=\"Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown\" \/>\n<meta property=\"og:site_name\" content=\"Angola\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-28T16:49:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-28T19:42:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/03\/img-62420f7c767a3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Shanghai Covid: Oil prices fall after city starts lockdown\",\"datePublished\":\"2022-03-28T16:49:57+00:00\",\"dateModified\":\"2022-03-28T19:42:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown\"},\"wordCount\":718,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/03\/img-62420f7c767a3.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Angola\",\"Angola\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown\",\"url\":\"https:\/\/www.africa-press.net\/angola\/all-news\/shanghai-covid-oil-prices-fall-after-city-starts-lockdown\",\"name\":\"Shanghai Covid: Oil prices fall after city starts lockdown - 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