The prices of oil futures tumbled on Monday as concerns with regard to the demand for the crude continued to persist.
China's economic forecast, coupled with worries over further interest rate increases, possibly raised alarm about the future of the global economy. Although Beijing said it sees its gross domestic product (GDP) growth target to be at 5% in 2023, the figure seemingly fell short of expectations.
West Texas Intermediate (WTI) for settlements in April slid 1.59%, to sell at $78.44 per barrel at 6:13 am ET. Brent for deliveries in May dropped 1.62%, to go for $84.45 per barrel a minute later.
