Says China oil demand this year will even be slightly higher than 2019

The good news for oil traders is that the latest bout of lockdown fear didn't lead to any massive decline in prices as key support held up. But amid the risk rally, oil is also feeding off the positive spillovers to climb to its highest levels since March:

Oil W1 25-11

The 100-week moving average @ $48.42 is the next key technical target.