MELBOURNE : Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.
"Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season," said SPI Asset Management managing partner Stephen Innes.The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labour Day in September.
Market gains have been capped, however, by concerns about China's efforts to crush COVID with lockdowns, even with Shanghai due to reopen on June 1.
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