Also China's demand is below average right now. Could be they are going to head into recession, or it could be they are wrapping up all their pandemic lockdowns and China's oil consumption will soon come back too. It's hard to make a case for oil/gasoline continuing to get much cheaper unless we really do go into a pronounced recession.
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China is continuing its Zero Covid policy and it continues to hurt their economy.
Every summer, Chinese tourists descend on the beach resorts in Sanya on Hainan Island, known as the Hawaii of China. Last weekend, the tourists got an unpleasant surprise when Chinese authorities abruptly locked down the entire city over an outbreak of the highly infectious BA.5 Omicron virus...