Oil staged a partial recovery, after dropping 4% on Monday, as traders weighed China’s demand outlook following the easing of some virus restrictions in the financial hub of Shanghai. West Texas Intermediate futures rose more than 3% to trade above $97 a barrel. Shanghai has eased lockdowns for some housing complexes, but most people remained confined to their homes, and authorities have indicated they will reimpose restrictions if virus cases climb. Oil has now given up almost all its gains since Russia’s invasion of Ukraine in late February. The oil market’s structure has softened markedly in recent weeks, as the spike in the price of physical barrels that emerged after war broke out gives way to calmer conditions. Differentials for supplies from the Middle East to West Africa have declined. Oil prices have moved lower recently due the planned release of emergency reserves, the resurgence of Covid-19 in China […]