Crude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57. Earlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China's lockdowns and recession fears against tight global oil supplies. The bearish case has focused on covid disruptions in China, which just identified over the weekend its first Omicron subvariant BA.
5.21 in Shanghai. The zero-covid policy in the world's largest crude oil importer sparked fears of decreased oil demand.…Oil Prices Rebound Following Morning Drop
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