China oil demand may shrink first time since 2002 as covid curbs bite

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Oil demand in China, the world’s biggest energy consumer, could contract for the first time in two decades this year as Beijing’s zero-COVID policy keeps people at home during upcoming holidays and reduces fuel consumption, reported Reuters.

Despite the price-negative news, oil prices grind higher past $86.00, up 0.40% intraday by the press time.

Also read: US Treasury Secretary Yellen: Fed is going to need skill and luck

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