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China’s Covid Curbs Return in Dent to Oil Demand

OIL

Covid-19 cases have been rising in several regions and the government re-introduced measures to curb infections, increasing Chinese fuel demand concerns.

  • China’s Covid-19 cases have been rising to the highest level since April in the last week to 26,824 local infections in the past 24 hours, data from the National Health Commission show.
  • The government introduced several new restrictions to reduce spreading the virus.
  • In Beijing, Haidan, Dongcheng and Xicheng schools have closed. In Guangzhou, the government ordered a five-day lockdown for its most populous district and suspended dine-in services and several entertainment facilities.
  • The announcements also come after Beijing declared its most significant easing of coronavirus measures to date on 11 Nov, including reduced compulsory quarantine times for international arrivals.
  • China’s strict Covid Zero strategy has been weighing on the country’s economic growth projections this year. New restrictions will further increase concerns over China's crude oil and gas demand.
Energy BulletsCommodities
Energy BulletsCommodities

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