Oil Down, Continues Retreat as Chinese COVID-19 Spike Triggers Fuel Demand Worries

By Gina Lee Investing.com - Oil was down Friday morning in Asia, continuing a retreat from the previous week's 11-month highs, over imposes new COVID-19-induced restrictive measures in China and the ensuing fuel demand worries. Brent oil futures slumped 1.21% to $55.42 by 10:36 PM ET (3:36 AM GMT) and WTI futures slid 1.32% to $52.43. Both Brent and WTI futures remained above the $50 mark, however. Recovering fuel demand in the world's biggest oil importer had support the balck liquid's gain in late 2020, making up for the lagging demand in the U.S. and Europe. However, a new wave…