Oil prices drop, heads for weekly gains

10/06/2022 Argaam

Oil prices fell today, June 10, shrinking their weekly gains amid concerns over demand after parts of Shanghai imposed new COVID-19 lockdown measures.

 

The Chinese commercial hub of Shanghai will carry out mass testing for COVID-19 in seven districts over the weekend.

 

Brent crude futures for August delivery traded at $122.69 per barrel, a decline of 0.31% at 9:00 am Makkah time.

 

West Texas Intermediate (WTI) for July delivery was at $121.19 per barrel, edging down 0.26%. WTI was still on track for a weekly gain of nearly 1.6%.

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