TOKYO—Oil prices dropped on Thursday, as investors were worried that aggressive interest rate hikes from global policymakers would slow economies and dent fuel demand, while renewed restrictions to curb COVID-19 in China also added pressure.
Brent crude futures fell 80 cents, or 0.8 percent, to $94.84 a barrel by 0626 GMT. U.S. West Texas Intermediate (WTI) crude futures slid 85 cents, or 1 percent, to $88.70 a barrel.
“Growing fears over weakening fuel demand due to aggressive rate hikes by the U.S. and European central banks outweighed concerns over tight global supply,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Recent signs of weakness in China’s economy and the country’s stronger pandemic restrictions also weighed on sentiment, he added….