Oil Markets Spooked By China’s Lockdowns

Crude prices bounced on Friday, recuperating some losses as China's COVID lockdowns become the main narrative in oil markets again. September 02, 2022. Chinese weakness has become the key talking point of the past week. First, the country’s PMI index for August recorded a mere 49.4, roughly in line with July, indicating that the much-anticipated economic activity rebound is still far from becoming real. Second, the return of lockdowns in multi-million megapolises such as Shenzhen or Chengdu will inevitably weigh on oil demand as (once again)…