Oil drops as China’s rising Covid cases renew fuel demand concerns
Oil prices fell $1 in early trading in Asia on Monday, cutting into gains from Friday, as attention turned back to rising COVID-19 cases in China and the prospect of lockdowns again reducing fuel demand in the world’s top oil importing nation.
U.S. West Texas Intermediate (WTI) crude futures for August delivery dropped $1.54, or 1.6%, to $96.05 a barrel at 0055 GMT, after climbing 1.9% on Friday.
Brent crude futures for September settlement fell $1.47, or 1.5%, to $99.69 a barrel, paring a 2.1% gain from Friday.
China, the world’s second-largest oil consumer, on Sunday reported 691 new COVID cases for Saturday, up from 547 the previous day, with locally transmitted cases at the highest since May 23.
