Oil prices sank after U.S. consumer prices rose more than expected and China imposed new COVID-19 lockdown measures.

Brent crude fell $2.12 to $120.95 a barrel.

U.S. West Texas Intermediate crude fell $2.02 to $119.49 a barrel.

Both benchmarks remained on track for weekly gains of 1% and 0.5% respectively.

The U.S Labor Department says the annual inflation rate rose to 8.6% in May after easing in April.

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Yvad Billings Readers Bureau, Contributor

Edited by Jesus Chan

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