Oil falls on China growth worries as EU weighs Russian crude ban | Reuters

Oil falls on China growth worries as EU weighs Russian crude ban | Reuters

Oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.

Brent crude futures were down $3.73, or 3.4%, to $103.41 a barrel at 1403 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.98, or 3.8%, to $100.71 a barrel.

Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.

China released data on Saturday showing factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more