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Oil Up as China Fuel Demand Concerns Mount By Investing.com

by equitieswatch
April 26, 2022
in Commodities

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© Reuters

By Gina Lee

Investing.com – Oil was up on Tuesday morning in Asia opening higher after falling sharply during the prior session. However, fuel demand concerns as more COVID-19 lockdowns could be possible in China and a  near a two-year high remained on investors’ radars.

rose 1.21% to $103.40 by 11:54 PM ET (3:54 AM GMT) and were up 0.97% to $99.50. Both Brent and WTI benchmarks ended the previous session down around 4%, with Brent tumbling as much as $7 a barrel during the session and WTI falling roughly $6 a barrel.

COVID-19 lockdowns in the city of Shanghai entered a fourth week. Meanwhile, , including its largest shopping district, have prompted fears of a lockdown there and drove fuel demand fears. China is the world’s second-largest fuel importer.

“The hit from Chinese lockdowns is over a million barrels a day and the testing of 12 districts over the next five days will determine the next major move for crude prices,” OANDA senior market analyst Edward Moya said in a note.

Meanwhile, the dollar was down on Tuesday but near a two-year high, thus rendering oil more expensive for other currency holders.

“Supply fears are not the primary focus for energy traders, and now you have a surging dollar that is adding extra pressure across all commodities,” OANDA’s Moya said in his note.

Investors now await , due later in the day.

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