Crude oil futures ended deeply in red on Monday amid talks between Russia and Ukraine as well as new Covid-19 lockdowns in China - which could dent demand. Private reports stated that China is seeing its worst Covid outbreak in more than two years have raised concerns over demand. The city of Shenzhen has gone into lockdown, whilst other cities are also seeing tougher restrictions. Meanwhile, investor focus also shifted to major central bank meetings this week amid inflation risks from commodity supply disruptions.
Benchmark crude oil futures for April delivery fell $6.32 or 5.8 percent to settle at $103.01 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $5.63 or nearly 5.1 percent to settle at $106.90 a barrel on London's Intercontinental Exchange.