Crude oil futures were lower in midmorning Asian trade June 13, as pandemic-related concerns in China, coupled with a higher-than-expected US inflation report weighed on sentiment. At 10:53 am Singapore time (0253 GMT), the ICE August Brent futures contract was down $1.84/b (1.51%) from the previous close at $120.17/b, while the NYMEX July light sweet crude contract fell $1.83/b (1.52%) at $118.84/b. COVID-19 worries in Beijing dampened the anticipated demand recovery in China and these concerns were further aggravated by Shanghai’s temporary lockdown measures on June 11 for coronavirus mass testing. On June 12, Chinese authorities announced mass testing in Chaoyang, Beijing until June 15, as the country doubles down on the ‘dynamic zero-COVID policy’. “China remains the significant near-term downside risk, but most view the gradual normalization of Chinese demand as a powerful positive for oil despite the potential for lockdown noise in the coming weeks as current […]