Oil headed for a back-to-back weekly retreat on plans for massive stockpile releases, a demand-sapping virus outbreak in top importer China and a hawkish turn from the U.S. Federal Reserve. West Texas Intermediate traded above $96 a barrel, with prices about 3% lower this week. The recent drop means the U.S. benchmark has now lost most of the gains seen since Russia’s invasion of Ukraine began in late February. Alarmed by the surge in energy costs spurred by Moscow’s assault, Washington and allies have announced plans to sell almost a quarter-of-a-billion barrels from strategic petroleum reserves. With the move supported by France, the U.K. and others, that’s prompted a collapse in once-elevated time spreads. Crude prices — which remain more than a quarter higher year-to-date — have also been hurt this month as China ordered a series of lockdowns in key urban centers including Shanghai to quell […]