TOKYO (Reuters) – Oil prices were mixed on Friday as strong import data from China, the world’s biggest crude importer, that boosted sentiment earlier ran into concerns about Chinese cities in lockdown due to coronavirus outbreaks.
Brent was down 3 cents at $56.69 by 0133 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was up 12 cents at $53.69 a barrel, having risen more than 1% the previous session.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdowns, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
