Oil futures fell more than $2 a barrel on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict COVID-19 curbs fuelled demand concerns.
Brent crude dropped $2.16, or 2.6%, to trade at $81.47 a barrel at 0230 GMT, after diving to $81.16 earlier in the session -- its lowest since Jan. 11.
Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines. Brent ended the latest week down 4.6%, while WTI fell 4.7%. WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil.
Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China's strict COVID restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the country's far west.is unprecedented in mainland China since Xi assumed power a decade ago, as frustration mounts over his zero-COVID policy nearly three years into the pandemic.
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