Oil drops more than $1 as China’s COVID protests fuel demand worries

Oil futures fell more than $1 early on Monday as protests in top importer China over strict COVID-19 curbs fuelled demand worries, while investors remained cautious ahead of an agreement on a Western price cap on Russian oil and an OPEC+ meeting.

Brent crude dropped $1.01, or 1.2%, to trade at $82.62 a barrel at 0110 GMT. U.S. West Texas Intermediate (WTI) crude slid $1.09, or 1.4%, to $75.19.