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Oil Prices Slip As Shanghai Detects New Infections

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Oil prices slipped on Friday after rallying sharply the previous day amid expectations of a pick-up in energy demand in China, as the world’s top crude importer eased some COVID-19 lockdowns.

Benchmark Brent crude futures slipped 0.3 percent to $111,70 a barrel, while U.S. crude futures were down half a percent at $109.40 amid much uncertainty over a proposed European Union embargo on oil imports from Russia.

The oil market is waiting for news about the energy sanctions amid many global headwinds including prolonged inflation, fears of a recession and more aggressive action from central banks.

Shanghai announced its first new COVID-19 cases outside quarantined areas in five days, raising questions about whether the easing of the city’s lockdown will be impacted.

The commercial hub of 25 million found three new cases outside quarantined areas for May 19.

The city government had announced a three-step plan to bring life and business back to normal between June 1 and mid-to-late next month after all 16 districts achieved zero-COVID at the community level.

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