Oil prices erase 2022 gains as China’s protests spark demand worries
Oil prices fell close to their lowest this year on Monday as street protests against strict Covid-19 curbs in China, the world’s biggest crude importer, stoked concern over the outlook for fuel demand.
Brent crude dropped by $2.71, or 3.2 per cent, to trade at $80.92 a barrel at 1200 GMT, having dived more than 3 per cent to $80.61 earlier in the session for its lowest since Jan. 4.
US West Texas Intermediate (WTI) crude slid $2.31, or 3 per cent, to $73.97 after touching its lowest since Dec. 22 last year at $73.60.
Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines.
