World oil demand dropped in April to 97 percent of the 2019 level as demand in Asia weakened, according to data from the Joint Organisations Data Initiative (JODI) cited by Reuters . Weaker oil demand in China amid weeks-long strict lockdowns in Shanghai spooked the oil market in April and most of May as the Chinese “zero COVID” policy resulted in mass testing and lockdowns in the Chinese financial center that is home to 26 million residents. Global commercial oil stocks increased in April after months of continuous falls, but they were still below the five-year average for this time of the year. Following nearly two years of declines, observed global oil stocks increased by 77 million barrels in April, the International Energy Agency (IEA) said in its latest Oil Market Report last week. OECD industry stocks also rose, by 42.5 million barrels, or 1.42 million bpd, in April, […]