Oil dips on China’s new lockdown measures but stays near three-month highs
Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures although China’s stronger-than-expected exports in May offered a boost to the demand outlook.
Brent crude futures for August had dipped 57 cents or 0.5% to $123.01 a barrel by 1327 GMT, while U.S. West Texas Intermediate crude for July was at $121.26 a barrel, down 85 cents or 0.7%.
China’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.
