China rolls back its zero-COVID policies, oil markets erase 2022 gains

Following major protests, China has eased some of its zero-COVID policies while oil prices hit their lowest level since December 2021.

Video Transcript

DAVE BRIGGS: Let's get you up to speed now on China rolling back some COVID isolation policies and dropping test requirements for some public places. People now with mild and asymptomatic cases will be allowed to isolate at home for the first time. The moves appear to be in reaction to those mass protests that swept across the country in recent weeks, which, in some extreme cases, even called for President Xi Jinping to resign, Seana.

SEANA SMITH: Speaking of President Xi Jinping, we want to take a look at oil because oil is off just about 2 and 1/2% today, and that move coming as President Xi Jinping visits Saudi Arabia. Now the world's top oil importer and oil exporter sitting down amid tensions between the two countries and the US. Right now, China is Saudi Arabia's biggest buyer of oil, also its top trading partner. This trip coming amid a significant week for the oil markets, for the energy markets, what we've been talking about here at Yahoo Finance. And that includes a new price cap and also EU sanctions on Russian oil.