The prices of oil futures continued to decline further on Monday amid the talks on whether the European Union will ban imports of Russia's energy products in response to that country's military operation in Ukraine or not. Earlier, Hungary indicated it will not support the ban.
Meanwhile, Shanghai's authorities projected they might be able to lift some of the restrictions imposed to curb the spread of COVID-19 in May.
West Texas Intermediate (WTI) for deliveries in June decreased by 6.02% at 1:59 pm ET to sell for $103.02. A minute later, Brent for settlements in July dropped by 5.82% to go for $105.84.
