New Lockdowns In China Could Derail Oil Demand Growth

Traffic in several major cities in China has dropped considerably since the authorities imposed this weekend new regional lockdowns as part of the zero-COVID policy. The decline in traffic in Shanghai and Shenzhen has market participants and analysts concerned about the potential threat to oil demand in the world’s largest crude oil importer. Peak traffic congestion in Shanghai was down by 36 percent on March 15 compared to the same day last year, while traffic jams in Shenzhen were down by 26 percent, Bloomberg reported on Wednesday, citing…