Crude oil prices fell over two percent on Monday amid continued Covid-19 lockdowns in China, a strong US dollar and reports about sparing a few European nations from an embargo on buying Russian oil.
As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $2.40 (-2.14 percent) to reach 109.99 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, decreased to $107.24 a barrel, down by $2.53 (-2.30 percent). Both contracts notched a gain of around five percent during the last week and have gained over 40 percent so far this year.—TLTP
