Oil is continuing to fall in the Asia trading session, as the lockdown in Shanghai increases concerns about global demand. Oil rose, recovering some of its losses after a virus flare-up in China sent prices down the most in almost three weeks on Monday. West Texas Intermediate futures inched up to trade near $107 a barrel. China, the biggest crude importer, is tackling its worst Covid-19 outbreak since Wuhan more than two years ago. The highly contagious omicron variant is testing its Covid Zero strategy, which has seen Shanghai crank up lockdown restrictions. Shanghai’s latest curbs could cut oil demand by as much as 200,000 barrels a day for the duration of the measures, according to estimates from Rystad Energy AS. About 62 million people in China are either subject to a lockdown or facing one imminently, Bloomberg calculations show. The situation in China, as well as the […]