Oil drops as new COVID cases in China trigger clampdowns

Oil drops as new COVID cases in China trigger clampdowns 8:07 PM MELBOURNE (Reuters) – Oil prices fell in early trade on Friday, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer. U.S. West Texas Intermediate (WTI) crude futures dropped 47 cents, or 0.9%, to $52.66 a barrel at 0148 GMT, after slipping 18 cents on Thursday. Brent crude futures fell 45 cents, or 0.8%, to $55.65 a barrel, erasing a 2 cent gain on Thursday. Recovering fuel demand in China underpinned market gains…