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Crude oil prices gain as China prepares to reopen after a 2 month lockdown

videos | May 23, 2022 9:34 AM IST

Crude oil prices gain as China prepares to reopen after a 2-month lockdown

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Crude oil prices rose in early trade on Monday with US fuel demand, tight supply, and a slightly weaker US dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth.

Crude oil prices, which have been gaining for four straight weeks, started this week on a positive note as well. Oil prices rose in early trade on Monday with US fuel demand, tight supply, and a slightly weaker US dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. From June 1, more demand will be coming back for China.

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The European Union's efforts toward Russia's oil embargo have also kept the prices above USD 110 per barrel.
The metals also have seen strength as the dollar index continues to decline below 103. The Chinese reopening is supporting consumption and there is concentrated restocking demand is also seen.
Many of the metal prices, which have been declining for the last 5-6 weeks, have started gaining. The prices of copper, aluminium and zinc are up 0.5-1.5 percent.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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