Oil recovers as China eases COVID-19 restrictions

12/04/2022 Argaam

Oil drilling rigs

Oil prices rebounded today, April 12, after plunging 4% in the last session, as demand concerns eased following reports of slight relaxation in lockdown measures in Shanghai, China.

 

Brent crude was trading up 3.24% at $101.67 per barrel, at 10.02 am Makkah time. The international benchmark slumped 4.2% yesterday.

 

West Texas Intermediate (WTI) crude rose 3.43% to $97.52 a barrel.

 

Shanghai is reported to have eased lockdowns on some apartment complexes, but most people are still confined to their homes, and authorities have indicated they may reimpose restrictions if coronavirus cases rise.

 

Meanwhile, OPEC Secretary-General Mohammad Barkindo said that Russian oil supply losses caused by current and future sanctions or customer boycotts may exceed 7 million barrels per day.

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