www.zerohedge.com BY TYLER DURDEN
By Ryan Fitzmaurice, senior commodity strategist of Rabobank
Summary
- Oil prices recovered firmly above $100 per barrel this week despite the strict and ongoing lock-downs conditions in China and a very strong US Dollar
- The push for lower carbon fuels has resulted in higher prices at the pump
- The diesel market has been soaring recently but gasoline prices could catch up this summer
Driving season
It was a choppy week for oil markets, but as it stands, prices are heading into May with positive momentum. Oil prices recovered back above their respective 20-day moving averages this week despite the ongoing Chinese lock-downs and a very strong US Dollar. On that note, the very restrictive measures in Chinese megacity Shanghai have been in place for more than a month now and have even spread to other key cities.
