Oil slides to 2-week lows as Shanghai lockdowns stoke demand worries | Reuters

Oil slides to 2-week lows as Shanghai lockdowns stoke demand worries | Reuters

Oil prices slumped to about two-week lows on Monday, extending losses from last week, as concerns grew that prolonged COVID-19 lockdowns in Shanghai and potential U.S. rate hikes would hurt global economic growth and demand for fuel.

Brent crude futures were down $3.93, or 3.7%, at $102.72 a barrel by 0644 GMT. They touched $102.47 earlier in the session, the lowest since April 12.

U.S. West Texas Intermediate (WTI) crude futures fell $3.80, or 3.7%, to $98.27 a barrel, having skidded earlier to $98.05, also the lowest since April 12.

The benchmarks lost nearly 5% last week on demand concerns.

"Oil is rerating lower due to the China consumption hit while the Federal Reserve is raising interest rates to slow down the US economy," SPI Asset Management Managing Director Stephen Innes said in a note.