More Bad News For Oil Demand As China’s Covid Cases Soar
Another spike in Covid infections in China is threatening more downward pressure for oil prices, as Chinese authorities reported a new daily record in new infections on Thursday. According to Reuters, China recorded close to 32,700 new infections on Thursday, of which only around 3,000 were symptomatic but this does not seem to make a difference for the country’s zero-Covid policy. Despite the record number of infections in China, oil prices were actually higher in early Friday trading in Asia because of the EU’s failure to agree on…