Oil Crashes Nearly 10% On A Single Day Amid China Unrest Over Covid-0

[Economy 52,842]

https://www.bnnbloomberg.ca/oil-plunges-to-lowest-since-2021-as-china-unrest-rattles-market-1.1851651

 

Oil fell today to the lowest price since 2021 Amid concerns of demand in China from another major lockdown and also Amid the social unrest as the Chinese population grows tired of a never ending Covid-0 policy

 

WTI fell to as low as $74/barrel and Brent about $81/barrel

 

[pachinko 10,753]

Does this mean my car fuel will be cheaper? That’s all I care about. 

[Economy 52,842]

13 minutes ago, pachinko said:

Does this mean my car fuel will be cheaper? That’s all I care about. 

Probably a little bit

[Ricardo 8,130]

34 minutes ago, pachinko said:

Does this mean my car fuel will be cheaper? That’s all I care about. 

pleaseeee 

[Economy 52,842]

1 minute ago, Ricardo said:

pleaseeee 

Yeah I wasn't gonna say anything... But it did low-key sound a little insensitive 👀 @pachinko

[Better Day 5,766]

Thanks to Liz Truss and her insane budget, petrol has slowly just started coming down again. I swear to fck if it goes up again

[Economy 52,842]

49 minutes ago, Midnights Mayhem said:

Thanks to Liz Truss and her insane budget, petrol has slowly just started coming down again. I swear to fck if it goes up again

Her budget raised petrol prices?

[Benji 20,113]

It’s about time the price fell regardless

[Better Day 5,766]

1 hour ago, Economy said:

Her budget raised petrol prices?

Yes, because the pound fell in value over the US dollar because her uncosted budget mess

[Economy 52,842]

12 minutes ago, Midnights Mayhem said:

Yes, because the pound fell in value over the US dollar because her uncosted budget mess

Oh right the currency that makes sense. I was trying to figure out how a budget from the UK would affect a global commodity price but yes I remember the pound fell hard

 

Although to a lesser degree, just about every currency has dropped against the USD

 

Take my Country. Canada's Dollar has risen against Euro, UK pound, Chinese Yuan and virtually every major other currency...

 

But it still fell a fair bit against the USD and since we buy most of our food from the US, inflation was felt mostly on fruits and vegetables and meat