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 percent, to trade at $80.97 a barrel at 1000 GMT, after diving more than 3 percent 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 percent, to $73.89 a barrel. It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021.
Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines.
Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil….