Oil prices fall as partial Shanghai lockdowns stoke demand worries | Reuters

Oil prices fall as partial Shanghai lockdowns stoke demand worries | Reuters

Oil prices slipped on Friday but remained within touching distance of three-month highs as fears over new COVID-19 lockdown measures in Shanghai outweighed solid demand for fuels in the United States, the world's top consumer.

Brent crude futures for August were down 33 cents, or 0.3%, at $122.74 a barrel at 0647 GMT, after dropping to as low as $121.60 earlier in the session and declining 0.4% on the previous day.

U.S. West Texas Intermediate crude for July fell 29 cents, or 0.2%, to $121.22 a barrel, having dropped 0.5% on Thursday.

Still, with prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase. Both benchmarks on Wednesday marked their highest closes since March 8, when they reached 14-year peaks.