Oil Prices Under Fire As Traders Cite Demand Concerns

Oil prices dropped early on Friday, as expanding lockdowns in China weighed on market sentiment about immediate global oil demand, while a stronger U.S. dollar also dragged crude futures down. As of 9:47 a.m. ET on Friday, WTI Crude prices were down by 1.34 percent at $52.89 and Brent Crude was trading down 1.49 percent at $55.58. Brent prices were headed for their first weekly loss in three weeks, while the U.S. benchmark was poised for a tiny weekly gain early on Friday. According to Bloomberg estimates, WTI Crude was set for a weekly gain in…