Oil drops over China COVID lockdowns concerns and Fed rate hikes cause demand worries

– Oil slipped on Monday as China tightened lockdowns and conducted mass-testing to control a COVID-19 outbreak. – The Federal Reserve’s signal that it may raise rates quickly prompted fears of a hit to economic growth. – Brent crude oil fell 4.76% to $101.10 per barrel, while WTI crude futures slid 4.78% to $97.18 a barrel Oil dropped for a second day on Monday, as China’s efforts to contain an outbreak of COVID-19 and the Federal Reserve’s indication that it could raise interest rates aggressively prompted concerns about demand. Brent crude oil slid 4.76% to $101.10 a barrel and WTI…