Oil falls as China lockdown, US unemployment data temper gains
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and US plans for a large stimulus package.
Brent was down 83 cents, or 1.5%, at $55.59 by 1316 GMT, after gaining 0.6% on Thursday. US West Texas Intermediate crude was down 57 cents, or 1.1%, at $53 a barrel, having risen more than 1% the previous session.
Brent and US crude are heading for their first weekly declines in three weeks.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdowns, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
