Oil dropped about $2 a barrel on Monday as a flare-up in COVID-19 cases in Beijing dented hopes of a Chinese demand rebound, while worries about more interest rate hikes to control rampant inflation added further pressure. Beijing’s most populous district Chaoyang announced three rounds of mass testing to quell a “ferocious” COVID-19 outbreak that emerged last week. Mass testing would take place until Wednesday. read more Brent crude was down $1.86, or 1.5%, to $120.15 at 0907 GMT, while U.S. West Texas Intermediate crude was down $2.15, or 1.8%, at $118.52. “The present price fall is exacerbated by warnings of a ‘ferocious’ spread of the COVID virus in Beijing by officials, casting doubt on immediate demand recovery,” said […]