U.S. benchmark oil futures hit their lowest price in 2022 on Monday, briefly erasing a sizeable year-to-date gain as China’s zero-COVID policy devastated energy demand expectations.

The price move came less than a week before a December 4 decision by the Organization of Petroleum Exporting Countries and its allies, led by Russia, on production levels.

“China is the growth engine for commodities and clearly the biggest driver of recent price developments…

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