Oil prices dropped on Monday, hovering near multi-month lows, as recession fears hurt demand outlook and data pointed to a slow recovery in China's crude imports last month.
Brent crude futures dropped 74 cents, or 0.8%, to $94.18 a barrel by 0039 GMT. Front-month prices hit the lowest levels since February last week, tumbling 13.7% and posting their largest weekly drop since April 2020.
Chinese refiners drew down stockpiles amid high crude prices and weak domestic margins even as the country's overall exports gained momentum.Reflecting lower U.S. gasoline demand, and as China's zero-COVID strategy pushes recovery further out, ANZ revised down its oil demand forecasts for 2022 and 2023 by 300,000 bpd and 500,000 bpd, respectively.
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Lightning strike on oil storage tank in Cuba causes massive fireCNN News, delivered. Select from our newsletters below and enter your email to subscribe.
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