Oil headed for its third weekly loss in four as lockdowns in virus-hit China dragged on and the Federal Reserve signaled that monetary policy will be tightened aggressively to contain decades-high inflation. West Texas Intermediate fell below $102 a barrel, in a volatile trading week that has seen prices bounce in a range of several dollars. Fuel consumption in China , the world’s biggest crude importer, is expected to drop 20% in April from a year ago, according to people with inside knowledge of the country’s energy industry. The country has imposed a series of lockdowns including in Shanghai to stamp out a fresh Covid-19 wave. The drop in fuel demand is the equivalent to a decline of 1.2 million barrels a day, the people said. The macroeconomic picture is also creating headwinds for crude. Investors are bracing for the U.S. central bank to hike interest rates at a […]