NEW YORK: Oil prices sank over 5% on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.
Brent crude fell $5.92, or 5.3%, to $106.47 a barrel at 1:06 pm EDT (1706 GMT). US West Texas Intermediate crude fell $6.16, or 5.6%, to $103.61 a barrel. Both contracts have gained over 35% so far this year.
Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider Covid-19 lockdowns in China led to slower export growth in the world’s No. 2 economy in April.
