09 Jun At over $123, Oil sticks near three-month highs
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.
China’s May exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year and more than double analysts’ expectations.
Parts of Shanghai began imposing new lockdown restrictions on Thursday, with residents of Minhang district ordered to stay home for two days to control COVID transmission risks.
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