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Oil falls, Brent drops below $100 on fears of closures in China
Oil prices fell on Monday, dropping to their lowest level since February and continuing to fall for two consecutive weeks as lockdowns in China raised demand concerns.
International benchmark Brent crude fell 4.18% to end the session at $98.48 a barrel, the first settlement under $100 since March 16.
West Texas Intermediate crude futures also fell 4.04% to settle at $94.29, and during the session, the contract traded as low as $92.93, a price not seen since February 25.
And it raises fears of closures in China, which may affect the demand for oil, as China is the largest importer of oil in the world, and the Shanghai region consumes nearly 4% of the country's crude oil.
The potential blow to demand comes at a time when the supply side of the equation takes center stage, given Russia's role as a major oil and gas producer and exporter.
Oil prices were subjected to additional pressures from the dollar's rise for the eighth consecutive session against a basket of competing currencies, and the strength of the dollar makes oil more expensive for holders of other currencies.
In a related context, data from Euro Oil Stock showed today, Monday, that stocks of crude and oil products at European refiners amounted to about 1.01 billion barrels in March, down 10.6% on an annual basis, but up about 2% from February levels.
