Oil rises after China reports stronger-than-expected exports in May
Singapore — Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, though new Shanghai lockdown restrictions capped gains.
However, parts of Shanghai began imposing new lockdown restrictions on Thursday, with residents of sprawling Minhang district ordered to stay home for two days in a bid to control Covid-19 transmission risks. “Still, the apparent negative feedback loop is there is less incentive for the authorities to move away from ‘zero Covid’ soon,” Innes said, adding that this was a bit of a saw-off for oil markets.The US posted a record fall in strategic crude reserves even as commercial stocks rose last week, data from the Energy Information Administration showed on Wednesday.
“It’s hard to see significant downside in the coming months, with the [petrol] market likely to only tighten further as we move deeper into driving season,” said ING’s head of commodities research, Warren Patterson.
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