Commodities round-up: Crude oil prices hit 2-week lows as lockdowns in China hit demand outlook

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Crude oil prices are trading at a two-week low amid persistent worries that prolonged COVID-19 lockdowns in Shanghai could dent global economic growth and fuel demand. The benchmarks lost nearly 5 percent last week on demand concerns. Oil prices were down 4 percent yesterday while in the intraday markets, it was down 6.5 percent as well. After that sell-off yesterday, April 25, there seems to be some opportunity buying seen in Asia but the damage has been done.

The markets have full attention on the China lockdown, which has spread to more cities now and the US Fed aggression about the rate hikes that will be seen in the next week. However, the strength in US dollar, which is holding around 101 also continue to weigh on not just crude, but metals, precious metals – all of which has seen a decline this week.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.