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International crude oil prices fell by over 5% on Monday (April 25) as the market was concerned that the worsening COVID-19 outbreak in China could hit the crude oil demand.
Shanghai''s closure has been four weeks, coupled with the resurgence of the epidemic in Beijing recently, the authorities have expanded the scope of nucleic acid testing. The market was worried about whether Beijing will become the second Shanghai.
Besides, the US is about to raise interest rates, which caused the market to be worried about the outlook for global energy demand.
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