Shanghai is planning to end a weeks-long lockdown, potentially resulting in ‘much higher’ oil demand
Singapore — Oil prices extended gains on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict Covid-19 containment measures.
Shanghai on Tuesday achieved its long-awaited milestone of three consecutive days with no new Covid-19 cases outside quarantine zones, and on Monday set out plans for ending a lockdown that has lasted more than six weeks. US crude and gasoline stocks fell last week, market sources said, citing American Petroleum Institute figures on Tuesday. US government data is due on Wednesday.
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