Image: Reuters
Brent and WTI rose last week, up 2.9% and 5.4%, respectively, as rumours of a possible end to stringent COVID-19 lockdowns sent China’s stock markets and prices of commodities higher despite the lack of any announced changes. “The market is still dealing with signs of weakness in oil demand from already high prices and the weak economic backdrop in developed markets,” ANZ analysts said in a note, adding demand in Europe and the United States have fallen back to 2019 levels.
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