It very interesting times we live in now,,,, Looking at the China - Russia gamesmanship and its effect on POO,, a temporary blip is my prediction.
Theory goes - Shanghai going into covid restrictions weakens global oil demand
I dont buy it.. China would have a highly vaxed population for a start.
What is more likely is that China is making a meal out of the covid flare up,, embellishing it for the purpose of saying to Russia,, you have your war ,, and we have ours. Sorry can't help you at the moment.
China's top priority bar none is to avoid the certain economic calamity that would ensue from assisting Russia.
And so exaggerating its covid situation into a national emergency gives China a legitimate out.
WTI finding support at the U$105 level at present
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