Oil prices drop as coronavirus outbreaks in China dent fuel demand

Oil prices slid in early trade on Friday, extending losses from the previous session on fears U.S. interest rates will go higher than previously expected and fresh concerns that COVID outbreaks will dent fuel demand in China.

Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel at 0025 GMT after falling 1.5% in the previous session. The contract was on track to fall more than 1% for the week.

U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.3%, to $87.90 a barrel, deepening a 2% loss from the previous session, but on course to end flat for the week.