Oil prices fall as COVID situation in China worsens

China COVID situation affects oil prices 

The prices of oil futures declined on Monday on the announcement that Beijing authorities will be extending mass testing until Wednesday and reimposing some of its COVID measures after a cluster of infections linked to bars raised concerns, Qazet.az reports according to Tele Trader.

In addition, Shanghai started toughening its measures earlier last week.

The notice seemingly raised worries over the demand of the crude among investors, as the news comes not long after both cities decided to ease their lockdown rules.

West Texas Intermediate (WTI) for settlements in July slid 1.51% to sell for $118.81 per barrel at 12:50 am ET, while Brent for deliveries in August lost 1.59%, going for $120.10 per barrel at 12:52 am ET.