Oil prices have fallen to a two-week low, dipping below $100 on fears of the further demand consequences of a COVID-19 lockdown in China that has sparked bearish sentiments in markets, despite a Russian oil decline and declining U.S. inventories.
Brent was at $99.89–down some 5%--on Monday at 11:50am EST, while WTI was trading at $95.67, down 6%.
Over the weekend, China intensified lockdown efforts, which had earlier centered primarily on Shanghai, but have now spread to the capital Beijing. Investors are now concerned that increased restrictions will be put in place and that more cities will be affected.