Oil drops more than $1 as China’s COVID protests fuel demand worries

TOKYO – Oil futures fell more than $1 early on Monday as protests in top importer China over strict COVID-19 curbs fuelled demand worries, while investors remained cautious ahead of an agreement on a Western price cap on Russian oil and an OPEC+ meeting.

Brent crude dropped $1.01, or 1.2 percent, to trade at $82.62 a barrel at 0110 GMT. U.S. West Texas Intermediate (WTI) crude slid $1.09, or 1.4 percent, to $75.19.

Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines. Brent ended the latest week down 4.6 percent, while WTI fell 4.7 percent.

“On top of growing concerns about weaker fuel demand in China due to a surge in COVID-19 cases,…

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