Oil slips as China lockdown, U.S. unemployment data temper gains | Reuters
Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronaries outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.
Brent was down 86 cents, or 1.5%, at $55.56 by 1227 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was down 58 cents, or 1.1%, at $52.99 a barrel, having risen more than 1% the previous session.
Brent is heading for the first weekly decline in three weeks, while U.S. crude is on track for a third weekly gain.
While producers are facing unparalleled challenges balancing supply and demand equations with calculus involving vaccine rollouts versus lockdown, financial contracts have been boosted by strong equities and a weaker dollar, which makes oil cheaper, along with strong Chinese demand.
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