Bearish sentiment around more rate hikes has overshadowed optimism over China’s recovery after the end of Covid Zero.
The country’s revival is already increasing the cost of shipping crude, while Shell Plc sees higher oil prices over the coming months as China underpins record global demand. Oil has had a bumpy year so far, whipsawed by the opposing drivers of global slowdown concerns and China’s rebound. Traders are also monitoring energy flows from Russia, with indications the nation’s exports are holding up more strongly than initially expected, even in the face of sanctions.
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