Shanghai + Beijing.. we are not talking about a minor lockdown... if thez go for full lockdown, the inflation story will not end soon with huge supply chain disruptions... Crude shall then go down
Almost impossible for Europe to survive without Russian gas but Europe could manage without Russian oil... It could be a key ND of compromise to ban oil and keep accepting gas...
On Thursday EU countries will decide for a new round of sanctions against Russia. Oil will be volatile and could crazy spike following a potential EU ban of Russian oil.