Oil retreated for the first time in four sessions as Covid-19 lockdowns strained the economy in China, the world’s biggest crude importer. West Texas Intermediate slid to trade near $110 a barrel, reversing earlier gains. China’s industrial output and consumer spending slumped in April to the worst levels since the pandemic began, while apparent oil demand and crude processing plunged. Strict lockdowns to halt the virus have curbed fuel use. The oil market has been gripped by a tumultuous period of trading since late February due to China’s virus resurgence and Russia’s invasion of Ukraine. The war has boosted the cost of food and fuels, with surging US retail gasoline and diesel prices helping fan the fastest inflation in decades. “There is still no clear trend visible on the oil market,” said Barbara Lambrecht, […]