China announces fresh restrictions amid rising in COVID-19 cases US dollar index hits 20-year high Crude oil futures were lower in mid-morning Asian trade on July 12, as risk aversion took centerstage again amid fresh COVID-19 curbs in China and the US dollar hitting 20-year highs. NAt 10:32 am Singapore time (0232 GMT), the ICE September Brent futures contract was down $1.23/b (1.15%) from the previous close at $105.87/b, while the NYMEX August light sweet crude contract fell $1.30/b (1.25%) at $102.79/b. “Oil prices have come under a bit of pressure in early morning trading in Asia today,” ING’s Head of Commodities Strategy Warren Patterson said in a July 12 note. “A rise in COVID cases in Shanghai will not be helping sentiment, particularly given that China continues to pursue its zero-COVID policy, which creates […]