Oil Prices Surge Past $113 As Shanghai Signals End Of Lockdown

Oil prices have topped $113 per barrel on optimism that China’s lockdowns are coming to an end and demand will not take a prolonged hit.  In early afternoon markets Monday, news that Shanghai was seeing a strong recovery from COVID cases, with plans in place to ease lockdown restrictions beginning this week, outweighed a litany of bearish news for oil.  Brent was at $113.6 per barrel on 1:38 pm EST, while WTI was trading at $113.5.  Authorities in Shanghai on Monday said restrictions would finally ease, in stages, after nearly…