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Energy Stocks Fall As Oil Prices Decline

Published 28/03/2022, 15:24
© Reuters.
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By Sam Boughedda 

Investing.com -- Shares of energy stocks have fallen Monday morning on new concerns regarding demand from China.

With China having a zero-COVID policy, officials in the country implemented a citywide lockdown in Shanghai, an essential financial and manufacturing hub, after a rise in COVID-19 infections.

Shanghai has started a two-stage lockdown to curb a further spread of the coronavirus.

The first phase is for five days, starting Monday, and is limited to Shanghai’s Pudong financial district and nearby neighborhoods.

The second stage is a five-day lockdown, starting Friday, that will target Shanghai's downtown area.

China is the world's number one oil importer, with the major manufacturing hub being home to around 26 million.

At the time of writing, WTI crude is down 8%, while Brent crude fell 7.3%.

As a result, US-listed energy stocks have tumbled, with Exxon Mobil Corp. (NYSE:XOM) at -3.5%, Occidental Petroleum (NYSE:OXY) at -4.6%, Chevron Corp. (NYSE:CVX) at -2%, and BP PLC ADR (NYSE:BP) at -3.75%.

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