The Chinese May exports rose 16.9% from a year earlier as the easing of COVID restrictions allowed some factories to restart, marking the strongest growth since January this year and more than Double analyst expectations.
“Oil prices have been flat and the closure of Shanghai’s Minhang district has spurred fears of a second part of COVID in China, which has reduced demand in Asia,” said OANDA’s Jeffrey Halley.
“That said, it is indicative of how tight supply is that oil has not pulled back today on that news.”
Parts of Shanghai began to impose new restrictions on Thursday and residents of Minhang district were ordered to stay home for two days to control COVID transmission risks.
Meanwhile, the peak in demand for gasoline during the summer in the United States continued to provide a floor for prices.
Data from the Energy Information Administration (EIA) showed on Wednesday that US gasoline stocks fell unexpectedly, indicating resilience in demand for this fuel during the summer peak period, despite high prices at the pumps.
Source: Ambito
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