Oil slides about 6% on concerns of weaker Chinese demand | Reuters

Oil slides about 6% on concerns of weaker Chinese demand | Reuters

Oil prices tumbled nearly 6% on Monday after China's financial hub of Shanghai launched a lockdown to curb a surge in COVID-19 infections, prompting renewed fears of demand destruction.

Brent crude futures fell$7.13, or 5.9%, to $113.52 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $6.77, or 5.9%, to $107.13 a barrel.

Crude futures have been volatile since Russia's invasion of Ukraine in late February. Last week, Brent gained nearly 12%, while WTI rose almost 9%.

Shanghai has entered a two-stage lockdown of 26 million people on Monday in an attempt to curb the spread of COVID-19. Officials closed bridges and tunnels and restricted highway traffic. read more