Oil falls over $2 a barrel as China’s Covid protests fuel demand fears
Oil futures fell more than $2 a barrel on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict Covid-19 curbs fuelled demand concerns.
Brent crude dropped $2.16, or 2.6 per cent, to trade at $81.47 a barrel at 0230 GMT, after diving to $81.16 earlier in the session — its lowest since January 11.
US West Texas Intermediate (WTI) crude slid $2.08, or 2.7 per cent, to $74.20 a barrel. It fell as far as $73.82 earlier — its lowest since December 27, 2021.
Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines. Brent ended the latest week down 4.6 per cent, while WTI fell 4.7 per cent.
