Will China’s New Covid Outbreak Halt The Oil Price Rally?

China put more than 35,000 residents in a northern county on lockdown as of Monday to contain a new COVID flare-up in the country – a development which the oil market is ignoring so far as overall bullish sentiment prevails. In a bid to quickly contain a fresh outbreak in Ejin, a county in the region of Inner Mongolia, Chinese authorities asked residents to stay at home from today. China expects new cases to rise in coming days, a health official cited by Bloomberg said on Sunday. China typically acts very quickly to lock down towns and cities…