Beijing started mass testing amid growing COVID-19 cases Photograph:( Reuters )
World oil prices rose sharply as Shanghai's phased lockdown began on Monday with millions of people in China's financial hub confined to their homes.
Shanghai began a phased lockdown to contain COVID-19 cases as healthcare workers began mass testing on Monday.
People rushed to buy essentials as authorities said they would close down cross-river bridges and tunnels. The lockdown is set to impact several important services as the city is a major global hub. US automaker Tesla said it was suspending production since its factory is located in the lockdown area.
World oil prices rose sharply as Shanghai's phased lockdown began on Monday with millions of people in China's financial hub confined to their homes. US benchmark oil contract, West Texas Intermediate(WTI) slid five per cent amid energy demand fears.
The eastern half of the city went into lockdown, however, the authorities kept the ports and the city's two airports open.
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China has been battling against the Omicron wave in the past month with surging coronavirus cases. The country has witnessed the highest number of cases in the past month since the virus first emerged in Wuhan in late 2019.
The country's National Health Commission reported over 4,500 new domestically transmitted COVID-19 cases on Sunday.
Coronavirus cases in China had begun to rise in September last year as the Delta variant began surging as officials lockdown several cities, however, the Omicron wave has engulfed the country in the past two months triggering stricter measures.
Chinese officials are set to lockdown Shanghai's western half on April 1 until April 5 as the city grapples with the virus. China has been following zero-Covid measures however it has failed to halt the coronavirus cases.
(With inputs from Agencies)