Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand.
Brent crude dropped $2.66, or 3.1%, to trade at $80.97 a barrel at 1000 GMT, after diving more than 3% to $80.61 earlier in the session – its lowest since Jan. 4.
U.S. West Texas Intermediate (WTI) crude slid $2.39, or 3.1%, to $73.89 a barrel. It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021.
