SINGAPORE—Oil prices hovered near three-month highs on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures.
Brent crude futures for August dipped 9 cents to $123.49 a barrel at 0853 GMT, while U.S. West Texas Intermediate crude for July was at $121.89 a barrel, down 22 cents.
Both benchmarks closed on Wednesday at their highest since March 8, matching levels seen in 2008.
China’s May exports jumped 16.9 percent from a year earlier as easing COVID-19 curbs allowed some factories to restart.
“Of far greater importance is news that a district of Shanghai has been locked down today, reviving fears of another leg of China weakness due to its covid-zero policies. That is capping any gains in Asia today,” said Jeffrey Halley, OANDA’s senior market analyst for Asia Pacific….