Oil prices tumble, weighed down by China lockdowns | Reuters

Oil prices tumble, weighed down by China lockdowns | Reuters

Oil prices sank 4% on Monday alongside equities, ascontinued coronavirus lockdowns in China, the top oil importer, sparked demand concerns.

Brent crude fell $4.47, or 4%, to $107.92 a barrel at 11:14 p.m. EDT (1514 GMT). U.S. West Texas Intermediate crude fell, or 4.3%, $4.67 to $105.10 a barrel. Both contracts have gained over 35% so far this year.

Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world's No. 2 economy in April. read more

"The COVID lockdowns in China are negatively impacting the oil market, which is selling off in conjunction with equities," said Andrew Lipow, president of Lipow Oil Associated in Houston.

Crude imports by China in the first four months of 2022 fell 4.8% from a year ago, but April imports were up nearly 7%. read more