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Oil extended gains on sign of recovering demand in ChinaOil extended gains on sign of recovering demand in China |
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International benchmarks for crude oil extended the uptrend on Monday, 16 May 2022 on signs of improving demand outlook in China as the COVID-19 outbreak seems under control in some of the hardest hit regions. Shanghai is set to reopen on 1 June 2022.
Brent for July delivery jumped $2.69 or 2.4% to settle at $114.24/barrel.
WTI added $3.71 or 3.4% to settle at $114.20/barrel.
