Crude oil futures rose moderately in mid-morning Asian trade April 26 to recoup some losses after China lockdowns and a surging US dollar sent crude prices lower at the start of the week.
At 10:42 am Singapore time (0242 GMT), the ICE June Brent futures contract was up 85 cents/b (0.83%) from the previous close at $103.17/b, while the NYMEX June light sweet crude contract rose 63 cents/b (0.63%) to $99.17/b. “A rebound with risk appetite and overdone concerns about demand destruction helped oil pare losses,” Edward Moya, senior market analyst at OANDA, said in a note on April 26. Chinese authorities on April 24 tightened restrictions in parts of Shanghai, including erecting fences around apartment buildings with COVID-19 infected individuals. Similarly, authorities in Beijing have ordered 3.5 million residents and workers in the biggest district of […]