Oil falls as China widens COVID-19 curbs
Oil prices fell on Friday after China, the world's top crude oil importer, widened its COVID-19 curbs, but were poised for a weekly gain on supply concerns ahead of Europe's pending cut-off of Russian imports, News.Az reports citing Reuters.
Brent crude futures eased 78 cents, or 0.8%, to $96.18 a barrel at 0350 GMT, after rising 1.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were down $1, or 1.1%, at $88.08 a barrel.
Still, both benchmark oil contracts were on course for a weekly rise, with Brent heading for a gain of more than 2% and WTI more than 3%.
Friday's declines came after Chinese cities on Thursday doubled down on COVID-19 curbs, sealing up buildings, locking down districts and throwing millions into distress in a scramble to halt widening outbreaks.
China reported 1,506 new COVID-19 infections on Oct. 27, the National Health Commission said on Friday, up from 1,264 new cases a day earlier.