LONDON—Oil prices fell on Monday as concerns about weak economic growth in China, the world’s top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude.
Brent crude futures fell 71 cents, or 0.6 percent, to $106.43 a barrel at 0801 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 0.6 percent, to $103.99 a barrel. Markets in Japan, India, and across Southeast Asia were closed for public holidays on Monday.
Prices fell after China released data on Saturday showing that factory activity in the world’s second-largest economy contracted for a second month to its lowest since February 2020 because of COVID-19 lockdowns.
…