Oil pares gains as new China lockdown measures emerge | Reuters
Oil prices gave up early gains on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, outweighing news of China’s stronger-than-expected exports in May.
Brent crude futures for August dipped 15 cents, or 0.1%, to $123.43 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude for July was at $121.91 a barrel, down20 cents, or 0.2%.
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. read more
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