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Energy Stocks Fall As Oil Prices Decline -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda 

Investing.com — On Monday, shares in energy stocks fell due to concerns over China’s potential demand.

China’s zero-COVID policies meant that officials implemented a Shanghai lockdown to protect the city. This was in response to an increased number of COVID-19 cases.

To stop the spread of coronavirus, Shanghai started a lockdown in two stages.

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

Second stage: A five-day lockdown that starts Friday and targets Shanghai’s downtown.

China is the largest oil importer in the world, and the country has around 26 million residents.

The stock is currently down 8.3%, and fell 7.3% at the time of this writing

As a result, US listed energy stocks are in decline. Exxon Mobil Corporation (NYSE) at 3.5%; Occidental Petroleum, (NYSE) at 4.6% Chevron Corp. (NYSE) at -2% BP PLC ADR (NYSE 🙂 at 3.75 %

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