Oil drops as new COVID cases in China trigger clampdowns
MELBOURNE: Oil NSE 1.19 % prices fell in early trade on Friday, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.
U.S. West Texas Intermediate (WTI) crude futures dropped 47 cents, or 0.9 per cent, to $52.66 a barrel at 0148 GMT, after slipping 18 cents on Thursday.
Brent crude futures fell 45 cents, or 0.8 per cent, to $55.65 a barrel, erasing a 2 cent gain on Thursday.
