Oil pares gains as new China lockdown measures emerge

Oil prices gave up early gains on Thursday after parts of Shanghai imposed new COVID-19 lockdown measures, outweighing news of China’s stronger-than-expected exports in May.

Brent crude futures for August dipped 15 cents, or 0.1%, to $123.43 a barrel at 0630 GMT, while U.S. West Texas Intermediate crude for July was at $121.91 a barrel, down 20 cents, or 0.2%.