Oil prices erase 2022 gains as China’s protests spark demand worries

(Reuters) – 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%, to trade at $80.92 a barrel at 1200 GMT, having dived more than 3% to $80.61 earlier in the session for its lowest since Jan. 4.

U.S. West Texas Intermediate (WTI) crude slid $2.31, or 3%, 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.