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Reuters

Oil rises on robust China export data, but new lockdowns cap gains

SINGAPORE (Reuters) -Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains. Brent crude futures for August rose 35 cents, or 0.3%, to $123.93 a barrel at 0404 GMT, while U.S. West Texas Intermediate crude for July was at $122.35 a barrel, up 24 cents, or 0.2%. China’s exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year, and more than double analysts’ expectations for a 8.0% rise.

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