International oil prices have been downward for the last three trading sessions and China is directly related to it. China's influence on world economy can be gauged from the fact that the international oil prices have grown jittery ever since the Covid-19 situation in China has worsened with more and more cases being reported every passing day.

Oil declined more than 8% at the lows of the day on Monday as concerns over locked down in various cities, especially Shanghai. The lockdown, which began on Monday, is China's most extensive since the coronavirus outbreak began more than two years ago. ( https://www.bbc.com/news/business-60896794 )

The Tuesday's fall in oil prices is attributed to a possible thaw in the war between Russia and Ukraine after talks in Turkey between the two parties. But the crash in prices simply shows how much influence China is having on the world as the great manufacturing engine of the world.

Experts suggest that there could be supply chain disruptions because of the lockdown, there are alarm bells around the world. Shanghai and the surrounding areas are one of the most industrialised regions of the world, if it is under lockdown, it could affect the global supply chain too. ( https://www.cnbc.com/2022/03/28/oil-markets-shanghai-covid-lockdown-fuel-demand-in-china.html )

Oil markets have swung violently in recent weeks thanks to volatile geo-political situation. There are also fears that the recent bombing in Saudi Arabia on an oil storage facility by Houthi rebels has also added to the concerns.

But oil price crashing is good news for many countries like China, India, Pakistan, Bangladesh, which import most of their oil. But if the world economic growth comes down because of factors like China's locking down of some of its cities, the negative effects could be seen in several countries.

With Volodymyr Zelensky, Ukrainian president, saying that his country was willing to meet one of the main demands of Russia on abandoning its plan to join the Nato, there could be further easing of pressure on oil prices could go further down. ( https://www.ft.com/content/dca0f014-b659-4516-8d97-e6945c863792 )