Oil slips as Chinese lockdowns, US unemployment data temper gains

TOKYO: Oil prices were lower 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 46 cents, or 0.8 per cent, at $55.96 by 0544 GMT, after gaining 0.6 per cent on Thursday. US West Texas Intermediate crude was 29 cents, or 0.5 per cent, lower at $53.28 a barrel, having risen more than 1 per cent the previous session.