Oil slides amid recession fears, slow recovery in China imports

Oil prices dropped on Monday, hovering near multi-month lows, as recession fears hurt demand outlook and data pointed to a slow recovery in China’s crude imports last month.

Brent crude futures dropped 74 cents, or 0.8%, to $94.18 a barrel by 0039 GMT. Front-month prices hit the lowest levels since February last week, tumbling 13.7% and posting their largest weekly drop since April 2020.