Shanghai’s New Round of Covid Testing a Worry for the Oil Market
- Goldman Sachs says demand rebound has beat expectations
- Hog futures tumble as government tightens market controls
A QR code for Covid-19 contact tracing at a shopping mall in Shanghai, earlier in July.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
A new program of virus testing in Shanghai will be a worry for the oil market.
China’s consumption of gasoline and diesel is nearing a return to pre-Covid levels as the nation cautiously emerges from the latest round of stringent controls, including a punishing two-month shutdown of the financial center. The fuels account for about half of China’s oil usage.