Crude rises on expected return of Chinese demand

Crude oil futures rose in mid-afternoon Asian trade on May 18 on the expectation that COVID-19-related restrictions in China will be lifted soon, spurring demand. Reports that the US is allowing Chevron to negotiate oil licenses with Venezuela’s national producer could exert downward pressure. The ICE July Brent futures contract was up 19 cents/b (0.17%) from the previous close at…