Oil is lower as futures market reopens for the week’s trade
China is restricting travel as part of restrictions imposed to combat the latest virus outbreak in various parts of the country. Beijing has notably tightened inbound and outbound travel. This week the EU is set to meet to review the countries it allows travellers to arrive from (non-essential travel) and various sources are reporting the EU could reconsider the inclusion of the US on the list of permitted countries given the worsening outbreak there and slowing of vaccinations.
Travel curtailment would weigh on oil demand and the wobble lower in the oil market is indicative of this concern.