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 Chinese economic data 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 72 cents, or 0.7%, at $110.83 a barrel at 1236 GMT, and U.S. West Texas Intermediate (WTI) crude slipped 58 cents, or 0.5%, to $109.91 a barrel.

The fall in 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.