Reuters
Oil falls on China growth worries, EU weighs Russian crude ban
Oil prices fell on Monday as concerns over weak economic growth in China, the world’s top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude. Brent crude futures were down $3.23, or 3%, to $103.91 a barrel at 1236 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.41, or 3.2%, to $101.28 a barrel. China released data on Saturday showing factory activity in the world’s second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns.
