Oil prices fall on China growth worries, EU weighs Russian crude ban
Oil prices fell on Monday as concerns over weak economic growth in China, the world’s top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures fell $2.70, or 2.5%, to $104.44 a barrel at 1111 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.17, or 3%, to $101.52 a barrel.
Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.
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 lockdowns.
