Oil Updates — Crude drops; Algeria makes new oil discovery

RIYADH: Oil prices dropped on Thursday, as investors were worried that aggressive interest rate hikes from global policymakers would slow economies and dent fuel demand, while renewed restrictions to curb COVID-19 in China also added pressure.

Brent crude futures were down 1.62 percent to $94.09 a barrel by 11.45 a.m Saudi time. 

US West Texas Intermediate crude futures slid 1.61 percent to $88.11 a barrel.

Sonatrach makes new oil discovery