Oil drops as new lockdowns in China begin

News of the day, Friday, June 10

Oil prices slipped a little today, as new COVID-19 lockdowns occur. Brent crude futures are down 0.3%, and WTI crude slid 0.2%.

Asian stocks followed a global sell-off with MSCI’s broadest index outside Japan falling 0.9% and Japan Nikkei 225 falling 1.4%.

The Dow decreased on Thursday ahead of today’s inflation report. The Dow Jones Industrial Average slipped 1.9%, Nasdaq was down 2.8%, and the S&P 500 fell 2.4%.

The dollar index was 0.27% lower but still up 0.94% this week ahead of the inflation data that should guide Fed’s policy tightening plan.

The price of Brent crude is $122.90, WTI — $121.30, GBP/USD — 1.2479, EUR/USD — 1.0614, and gold costs $1845.90 per ounce.