Oil drops on China

Update on oil price

Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply, Qazet.az reports.

Brent crude futures fell $1.02, or 1%, to $106.00 at 0605 GMT, after climbing 2.3% on Friday.

U.S. West Texas Intermediate (WTI) crude futures declined by $1.38, or 1.3%, to $103.41, paring a 2% gain from Friday.