Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.
Brent crude futures fell $1.28, or 2.3%, to $54.82 a barrel by 1355 GMT, after a 2 cent gain on Thursday.
U.S. West Texas Intermediate (WTI) crude futures dropped $1.37 cents, or 2.6%, to $51.76, a day after slipping 18 cents.
Recovering fuel demand in China underpinned market gains late last year while the United States and Europe lagged, but that source of support is fading as a fresh wave of COVID-19 cases has sparked new restrictions.
