LONDON—Oil slumped nearly 5 percent to its lowest in almost two weeks on Monday, extending last week’s decline as concern grew that prolonged COVID-19 lockdowns in Shanghai and potential increases to U.S. interest rates would hurt global growth and oil demand.
“It seems that China is the elephant in the room,” said Jeffrey Halley, analyst at brokerage OANDA. “The tightening COVID-zero restrictions in Shanghai, and fears Omicron has spread in Beijing, torpedoed sentiment today.”
Brent crude was down $5.19, or 4.9 percent, at $101.46 a barrel by 1145 GMT and touched $101.20 earlier in the session, its lowest since April 12. U.S. West Texas Intermediate (WTI) crude fell $4.61, or 4.5 percent, to $97.46.
…