Sharjah24 - Reuters: Oil prices held firm near 13-week highs on Thursday after China reported stronger-than-expected exports in May, although new Shanghai lockdown restrictions capped gains.
Brent crude futures for August rose 35 cents, or 0.3%, to $123.93 a barrel at 0404 GMT, while U.S. West Texas Intermediate crude for July was at $122.35 a barrel, up 24 cents, or 0.2%.
Both benchmarks closed Wednesday at their highest since March 8, matching levels seen in 2008.
China's exports jumped 16.9% from a year earlier as easing COVID curbs allowed some factories to restart, the fastest growth since January this year, and more than double analysts' expectations for a 8.0% rise. Exports were up 3.9% in April.
However, parts of Shanghai began imposing new lockdown restrictions on Thursday, with residents of sprawling Minhang district ordered to stay home for two days in a bid to control COVID-19 transmission risks.
"The export performance is impressive in the context of the country's multi-city lockdowns in the month," Stephen Innes, managing partner at SPI Asset Management, said in a note Thursday.
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