Oil sticks near three-month highs despite new Covid lockdowns in Shanghai
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.
Brent crude futures for August dipped 9 cents to $123.49 a barrel at 0853 GMT, while U.S. West Texas Intermediate crude for July was at $121.89 a barrel, down 22 cents.
Both benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.
