Shanghai New Partial Closure Affects Oil Prices  

Oil prices fell Friday, but remained close to the highest levels in three months, as concerns about new closures to combat "COVID-19" in Shanghai, China,  outweighed the impact of strong demand for fuel in the United States of America (USA), the largest consumer in the world.

Brent crude futures for August delivery fell 77 cents, or 0.6 percent, to $122.30 a barrel.

However, Brent crude is heading to record gains for the fourth consecutive week, while US crude is heading towards recording the seventh consecutive weekly increase.

"The new anti- pandemic restrictions in Shanghai have raised concerns about demand in China," said Kazuhiko Saito, chief analyst at Fujitomi Securities.

The cities of Shanghai and Beijing returned to a state of alert in the face of "COVID-19", yesterday, Thursday, after parts of Shanghai, China's largest economic center, imposed new closure restrictions, and the city announced a round of mass testing for millions of residents.