Oil futures trade slightly lower, weighed by concerns over a surge in COVID-19 cases in China as the country relaxes travel restrictions and other curbs.
Oil futures were slightly lower Wednesday, with optimism over the demand outlook stemming from China’s continued relaxation of COVID-19 curbs offset by a surge in cases of the disease.
Price action Market drivers China moved this week to lift quarantine and testing requirements for inbound passengers. Earlier this month, the country moved to ease domestic COVID restrictions, triggering a massive wave of infections across the country, which had been nearly virus-free for much of the pandemic due to rigid control measures.
“With Covid infections still very high, it could be several weeks if not months before demand fully recovers in China and oil prices are slipping today as investors reassess the outlook,” he wrote.
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