Oil falls on China growth concerns even as EU weighs Russia import ban
Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about slowing economic growth in China, the world’s top oil importer, outweighed fears of potential supply disruptions from a looming European Union ban on Russian crude.
Brent crude futures fell $1.21, or 1.1 per cent, to $105.93 a barrel at 0205 GMT, while US West Texas Intermediate (WTI) crude futures fell 99 cents, or 1 per cent, to $103.70 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday.
Prices fell after China released data on Saturday showing that factory activity in the world’s second-largest economy contracted for a second month to its lowest since February 2020 because of Covid-19 lockdowns.
