LONDON—Oil prices fell by more than $1 on Monday after weaker than expected factory activity data out of China and on concerns that the country’s widening COVID-19 curbs will curtail demand.
Brent crude futures dropped $1.17, or 1.2 percent, to $94.60 a barrel by 0900 GMT, extending Friday’s 1.2 percent decline.
U.S. West Texas Intermediate (WTI) crude was down $1.25, or 1.4 percent, at $86.65 after losing 1.3 percent on Friday.
Both benchmarks, however, are on track for their first monthly gains since May.
Factory activity in China, the world’s largest crude importer, fell unexpectedly in October, an official survey showed on Monday, weighed down by softening global demand and strict COVID-19 restrictions that hit production….