Renewed lockdowns in China will weigh on demand, which is a negative for the black stuff at the margin.

Getting smashed today:

oil china protests 28 November 2022

Back at its early 2022 lows.

Early indications from Chinese stock markets are the Shanghai Comp will open 1.5% lower. You can expect to see China's 'national team' buying stocks today to proper it up.

On the supply side, more incoming!