Oil ticks higher Tuesday morning as investors weigh tight supplies of fuel versus concerns around China COVID-19 lockdowns.
Oil futures ticked higher early Tuesday, with underlying support tied to tight fuel supplies and prospects for a European Union ban on imports of Russian crude, though upside was seen capped by continued concerns that China’s zero-COVID policy may weaken energy demand and shaky stock markets may reflect slowing economic growth.
Price action Market drivers Oil has found support on optimism around plans to unwind lengthy lockdowns in Shanghai, China’s largest city, but uncertainty lingers over crude demand from the world’s largest oil importer as Beijing increased quarantine efforts in an effort to halt a COVID-19 outbreak. Chinese Vice Premier Sun Chunlan called the situation in Beijing manageable but that containment efforts can’t ease, Reuters reported, citing Xinhua, the state news agency.
Tight U.S. supplies of gasoline and diesel have sent prices for both to records, though gasoline futures were in retreat Tuesday. Demand for gasoline expected to increase as summer driving season kicks off with the Memorial Day weekend.
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