Oil Tumbles As Chinese COVID Cases Rise

Oil prices tumbled more than 2.5 percent early on Friday, dragged down by concerns that oil demand in the world’s top oil importer, China, could falter amid rising COVID-19 cases and expanding lockdowns. As of 9:35 a.m. ET on Friday, WTI Crude prices had slipped below $52 a barrel, and were trading down 2.60 percent at $51.73. The international benchmark, Brent Crude, had fallen below $55, with the price down 2.28 percent at $54.79. Oil prices lost further ground on Friday from the 11-month high they had hit last week, when the Saudi surprise…