Fuel demand may be hit by fresh Covid-19 curbs in China
Oil prices inched lower after seesawing through early trading on Tuesday, as worries that fuel demand would be hit by a possible recession and fresh Covid-19 curbs in China outweighed tight global supplies.
In China, a Covid outbreak at a bar in Beijing has raised fears of a new phase of lockdowns just as restrictions were being eased and fuel demand was expected to firm. “Otherwise, traders’ focus will go back to China’s Covid restrictions, when we could see prices tracing the demand outlook of the world’s second-largest economy,” she said.
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