Oil Drops Amid Rising Chinese COVID Cases And Stronger Dollar

The oil price rally fizzled out early on Monday as the U.S. dollar strengthened and as China further restricted movement amid doubled new COVID cases, prompting renewed concerns about oil demand. As of 10:28 a.m. ET on Monday, WTI Crude prices were down by 0.84 percent at $51.84. Brent Crude prices had slipped by 1.11 percent at $55.37, after briefly topping $56 a barrel on Friday.The rally in oil, which last week posted its largest weekly gain since September, cooled off as this week began. Last week, oil prices gained more than 8 percent after…