As global consumers announced plans to release crude from strategic stockpiles and Chinese blockades continued, oil prices slipped in early Asian trade, tracking the second consecutive weekly decline.

The market tracked developments in China, where authorities kept Shanghai, a city of 26 million people, under its "zero tolerance" for COVID-19. At 2202 GMT, Brent crude was down 38 cents at $102.40 a barrel while U.S. crude was down 16 cents at $98.18. Last week, Brent fell 1.5% while U.S. West Texas Intermediate slipped 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.

Meanwhile, the OPEC+ group of oil exporting nations has shown no inclination to increase its production targets more than the 400,000 barrels per day it adds each month as part of a restoration of supply cuts.