Oil On Track For Another Weekly Loss Despite Price Spike

Oil prices were on track to record another week of losses despite occasional spikes due to supply concerns and hopes that China will soon begin relaxing its tough Covid policy stance. Indeed, China has signaled it will loosen some restrictions employed to deal with the flare-ups of infections that keep occurring despite the strict lockdowns and quarantines. Yet this only managed to push prices up temporarily, with fears that the pandemic will not disappear in China anytime soon acting as a strong headwind. Oil posted daily declines for most of…