Oil slips on China lockdowns, but bullish trends intact | Reuters
Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures, as strong gains in refined products contributed to an ongoing bullish backdrop for crude oil.
Brent crude futures for August settled down 51 cents at $123.07 a barrel, a 0.4% decline, while U.S. West Texas Intermediate crude for July lost 60 cents, or 0.5%, to $121.51 a barrel.
Oil prices have been rallying steadily over the last two months, led by big increases in prices of refined products due to tight refining supply and surging demand.
Worldwide, refiners have shut facilities, and capacity is tight as well because of reduced activity in Russia, the world's largest exporter of crude and fuel, following its invasion of Ukraine.
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