AsianOil: Oil’s roller-coaster increasingly dependent on China – for now

China’s bounce-back from COVID is not going as expected, and global oil markets are once again the playing field.

When some of the most severe lockdowns seen anywhere during the pandemic were finally lifted earlier this year, hope spread around the world that China’s rush to get back to the pre-pandemic ways would send markets and demand for oil soaring.

Over the course of the past few months, however, that hope has petered out as industrial output across China grew by just 3.5% in May, over 2% down from the 5.6% seen a month prior, in the process falling just short of a 3.6% projection for May made by analysts as part of a Reuters poll.

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