Crude Oil Decreased 7% To $111.2 Per Barrel Due To Low Demand And China Lockdown

Brent crude Oil: declined as much as 7% to as low as $111.2 per barrel on Monday, amid fuel demand concerns in China after Shanghai launched a phased lockdown to curb surging Omicron cases and suspended public transport.

Meanwhile, the EU Council summit last week failed to agree on additional sanctions against Russia amid opposition from Germany and others reliant on energy exports from the country, despite President Biden’s pressure.

The moves followed an 11.8% jump in oil prices last week as markets grappled with supply disruptions caused by sanctions against Russian energy, damage to a major pipeline in the Black Sea and militant attacks on Saudi oil facilities.