Oil prices fall on China's weak economic data | Reuters

Oil prices fall on China's weak economic data | Reuters

Oil prices fell on Monday as widespread lockdowns in China and weak economic data in the country fuelled fears of a global recession, though the market found some support as the European Union stepped closer to an import ban on Russian crude.

Brent crude was down 28 cents, or 0.3%, at $111.27 a barrel at 0934 GMT, and U.S. West Texas Intermediate (WTI) crude slipped 9 cents, or 0.1%, to $110.40 a barrel.

The fall of oil prices "is chiefly due to the weak Chinese economic data, as the lockdown measures are having a direct impact on the world’s second-largest market," said Barbara Lambrecht, energy analyst at Commerzbank.

It is estimated that 46 cities in China are under lockdowns, hitting shopping, factory output and energy usage.

Latest Chinese data showed retail sales in April shrank almost 11% from a year earlier, while factory production fell 2.9% year-on-year. read more