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

Oil falls on China growth worries, 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 fell $2.70, or 2.5%, to $104.44 a barrel at 1111 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.17, or 3%, to $101.52 a barrel.

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

China released data on Saturday showing that 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