China's Covid Concerns Continue To Weigh On Oil Prices

Crude oil began trade today with a gain on the resurgence of hopes that Chinese demand is about to enter recovery mode. The hopes followed announcements from China that some pandemic restrictions will be relaxed. The gains, albeit modest, reflect a reversal in market sentiment, which just last week led to a second consecutive weekly oil price decline on expectations that pandemic restrictions in China will continue to affect economic activity and with it oil demand for longer, as infections continued multiplying. The situation remains uncertain…