The continued rise in cases in Shanghai despite the lockdown underscores the challenge China is facing. China’s worsening Covid-19 outbreak and the extended lockdown in Shanghai has oil analysts cutting their demand forecasts further. The commercial hub’s staggered eight-day lockdown that was supposed to end earlier this week is still going, with record case numbers topping 20,000 on Thursday. Traffic congestion levels at peak hours are 40% lower than a year ago, data from Baidu Inc. show, while the movement restrictions and virus testing means truckers can’t get to the docks. The continued rise in cases in Shanghai despite the lockdown underscores the challenge China is facing in trying to maintain its Covid Zero strategy in the face of the highly infectious omicron variant. Restrictions on movement are being rolled out in an increasing number of cities across the country. The measures have knocked out 1.2 million to 1.3 […]