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China’s Roads a Little Busier as Covid Clouds Oil Demand Outlook

  • More trucks on highways than a month earlier, government says
  • Fuel demand rebound hinges on ‘virus-combating efforts:’ CICC
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China GDP Forecasts Slashed as Lockdowns Hit Growth

China’s roads are showing some signs of life after a torrid period of virus lockdowns that crushed activity, potentially offering a boost to global oil demand even as uncertainties remain.

There are more trucks on China’s highways than a month ago, while Shanghai’s peak-hour traffic congestion has edged higher as the city cautiously emerges from a prolonged lockdown. An ongoing outbreak in Beijing, a flareup in the auto hub of Tianjin, and a ballooning cluster in the central province of Sichuan indicate the fragile demand recovery could easily be derailed.