ASX poised for a weak start; Nasdaq drops sharply; $A falls to US66.70¢.
Oil fell by around $US1 a barrel on Thursday in volatile trade as the impact of tighter US crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China’s rising COVID-19 cases would dent demand.
The rosy data increased concerns the Fed was more likely to intensify its rate hikes in a move that could slow the economy and hamper fuel consumption. Also keeping a lid on prices was a rising US dollar and fall in equities, said Jim Ritterbusch of Ritterbusch and Associates, along with demand worries stemming from China’s COVID-19 surge.
A Shanghai hospital told its staff to prepare for a “tragic battle” with COVID-19 as it expects half of the city’s 25 million people will get infected by the end of next week, as the virus sweeps through China largely unchecked.
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