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Oil under pressure to end the week COVID-19 cases have reappeared in China with 103 new infections, marking an 11th day with more than 100 confirmed infections, forcing a lockdown for the first time in months. Meanwhile, Hong Kong on Friday announced its first lockdown , a move reminiscent of the measures used to combat the outbreak of SARs 20 years ago. Concerns about a fresh outbreak in the region are amplified since it comes just ahead of Lunar New Year festivities, a popular holiday in Asia. “A rise in Chinese infection numbers is of particular concern, not only because China is among the world’s largest oil consumers and the market that helped oil prices recover the most, but also as the Lunar New Year holiday period is approaching,” wrote Louise Dickson, oil markets analyst at Rystad Energy in a daily note. “The holiday is traditionally a time of heavy road fuel consumption in China but the country is now introducing restrictions and is advising people to not travel, which will definitely be a slap to oil demand,” the analyst noted. On top of concerns around Asia, the European Central Bank on Thursday warned that the eurozone could be […]
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