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9 Jun 2022

Oil hovered at almost Three-month highs despite China’s new imposed Lockdowns

The Index Today

Recent data released shows that oil prices near three-month highs on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures amid China’s stronger-than-expected exports in May offered a boost.

Currently, parts of Shanghai imposed new lockdown restrictions on Thursday, with people of Minhang district ordered to stay home for two days to control the growing COVID transmissions.

Brent crude futures for August dipped 14 cents or 0.1% to $123.44 a barrel at 1045 GMT, while U.S. West Texas Intermediate crude for July was at $121.88 a barrel, down 23 cents or 0.2%.

Jeffrey Halley, OANDA's senior market analyst for Asia Pacific said, "Oil prices have remained flat, with the lockdown of the Minhang district in Shanghai spurring China COVID-zero part two fears, crimping demand in Asia today."

Stephen Innes, managing partner at SPI Asset Management, said in a note, "The export performance is impressive in the context of the country's multi-city lockdowns in the month."

Clay pottery with table linens
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