Gains expected to be limited on account of dented demand with virus infections surging in China
Tokyo — Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising Covid-19 cases and restrictions in China will dent fuel demand.
China on Monday reported more Covid-19 infections in the latest outbreak of the disease that was first detected in the country in late 2019, in what analysts said was the biggest test of Beijing’s zero-infection strategy. “There is still plenty of uncertainty about how the Covid-19 situation in China will evolve and what this means for oil demand and prices,” ING Economics said in a note, adding that a stronger US dollar was also weighing on prices.
“Investors are also questioning the recovery in the US amid rising case numbers. US air travel has plateaued for almost two months amid ongoing travel restrictions,” ANZ Research said in a note.
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