Oil Set for Best Run This Year on China’s Vow, Libyan Disruption

Scarce traffic on a highway during a lockdown due to Covid-19 in Shanghai on April 7. Photo; Bloomberg

(Bloomberg) — Oil headed for the best run of gains this year as China vowed to repair the economic damage caused by a spate of lockdowns to combat the spread of Covid-19, and crude supplies from Libya were disrupted.

Global benchmark Brent rose for a fifth day, shedding early losses to trade near $114 a barrel. The impact of the pandemic on China’s economy is short term and normal conditions will be “rapidly restored” after the outbreak is contained, a spokesperson for the top economic planner said on Tuesday, a day after the central bank moved to aid individuals and small businesses.