Oil drops 1% as China's surging COVID-19 cases trigger clampdowns | Reuters
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.
U.S. West Texas Intermediate (WTI) crude futures dropped 65 cents, or 1.2%, to $52.48 a barrel at 0740 GMT, after slipping 18 cents on Thursday.
Brent crude futures fell 58 cents, or 1.03%, to $55.52 a barrel, erasing a 2 cent gain on Thursday.
“In line with the more cautious tone displayed by financial markets today in Asia, both contracts have retreated,” said Jeffrey Halley, senior market analyst at OANDA.
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