Oil Prices Under Pressure As China Expands Covid Lockdowns 

China has locked down the city of Chengdu, beginning today, as the latest demonstration of its zero-Covid strategy. With a population of 21 million, Chengdu is the biggest city to be locked down in China after Shanghai, Bloomberg reports. All lockdowns in China this year have caused oil prices to fall thanks to the well-documented effect of lockdowns on oil demand. The effect has tended to be temporary, however. When coupled with other bearish indications, however, the news of the lockdown is likely to have a marked negative effect on oil prices.…