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Oil Declined As Investors Worry New Restrictions In China

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Oil prices declined on Friday, retreat from 11-month highs as investors worry about new restrictions in China will curb oil demand in the country.

The commercial hub of Shanghai reported its first locally transmitted cases in two months on Thursday, and Beijing is urging people not to travel during the upcoming Lunar New Year holiday.

US West Texas Intermediate (WTI) crude futures dropped 53 cents, or 1%, to $52.60 a barrel at 0445 GMT, after slipping 18 cents on Thursday, while Brent crude futures fell 45 cents, or 0.8%, to $55.65 a barrel, erasing a 2 cent gain on Thursday.

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