Oil slips on China lockdowns but stays near three-month highs

LONDON: Oil prices dipped on Thursday but still hovered near three-month highs after parts of Shanghai imposed new COVID-19 lockdown measures, although China’s stronger-than-expected exports in May offered a boost to the demand outlook, according to Reuters.

Brent crude futures for August had dipped 57 cents or 0.5 percent to $123.01 a barrel by 1327 GMT, while US West Texas Intermediate crude for July was at $121.26 a barrel, down 85 cents or 0.7 percent.