Prices of oil futures dropped on Monday as new coronavirus cases in China reached another 24-hour high while protests against measures to prevent the spread of the disease occurred in most major cities. The latest developments have seemingly caused traders to question oil demand prospects for the world's second-largest economy.
West Texas Intermediate (WTI) for settlements in January 2023 fell by 2.83% to $74.12 per barrel at 2:38 am CET, while Brent for deliveries in the same month decreased by 2.74% to $81.45 per barrel at 2:40 am CET.
WTI declined to the lowest point since December 2021, while Brent landed at a level not seen since January 2022.
