Oil slips as China’s Covid-19 curbs outweigh concerns over US output

SINGAPORE (Reuters) – Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam.

Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday.

U.S. West Texas Intermediate (WTI) crude was at $87.67 a barrel, down 23 cents, or 0.3%, after settling down 1.3% on Friday.

Wider COVID curbs in China invariably raise concerns over demand from the world’s top crude importer, Stephen Innes of SPI Asset Management said.