Peak northern hemisphere summer petrol demand in the US has continued to provide a floor to prices
Oil prices hovered near three-month highs on Thursday 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.
China’s May exports jumped 16.9% from a year earlier as easing Covid-19 curbs allowed some factories to restart, the fastest growth since January and more than double analysts’ expectations. “That said, it is indicative of how tight supplies are that oil has not retreated on that news today.” “The export performance is impressive in the context of the country's multi-city lockdowns in the month,” Stephen Innes, managing partner at SPI Asset Management, said in a note.