Oil falls as China sticks to strict COVID policy

Oil prices fell more than 2% at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world’s top crude importer.

Brent crude futures dropped $1.58, or 1.6%, to $96.99 a barrel by 2336 GMT, after hitting as low as $96.50 earlier. U.S. West Texas Intermediate crude was at $90.84 a barrel, down $1.77, or 1.9%, dropping to a session-low of $90.40 a barrel earlier in the session.