Meanwhile, peak summer gasoline demand in the United States continued to provide a floor to prices. "Still, the apparent negative feedback loop is there is less incentive for the authorities to move away from 'zero COVID' soon," Innes said. "The export performance is impressive in the context of the country's multi-city lockdowns in the month," Stephen Innes, managing partner at SPI Asset Management, said in a note Thursday. Parts of Shanghai began imposing new lockdown restrictions on Thursday, with residents of Minhang district ordered to stay home for two days to control COVID transmission risks. That is capping any gains in Asia today," said Jeffrey Halley, OANDA's senior market analyst for Asia Pacific. "Of far greater importance is news that a district of Shanghai has been locked down today, reviving fears of another leg of China weakness due to its covid-zero policies. West Texas Intermediate crude for July was at $121.89 a barrel, down 22 cents.īoth benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.Ĭhina's May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts' expectations. SINGAPORE (Reuters) -Oil prices hovered near three-month highs on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, though news of China's stronger-than-expected exports in May boosted the demand outlook.īrent crude futures for August dipped 9 cents to $123.49 a barrel at 0853 GMT, while U.S.
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