The market momentum has shifted to China which is reporting more symptomatic COVID-19 cases and this is happening from various cities in Shanghai to Shenzhen and that’s the reason for the selloff.

China is a major player in commodities; the largest importer of crude, the biggest producer and consumer for metals as well.

NYMEX crude prices are trading below USD 100 per barrel. Prices did decline 8 percent overnight, it's trading nearly 5-6 percent down in Asia. So the extent of the decline is very strong.

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Apart from that markets are looking at Russia selling crude oil at a discount, fulfilling its supply obligation. So the crude supply disruption as a story now seems to be really fading off.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

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First Published:Mar 15, 2022 8:44 AM IST