Crude oil futures ended deeply in red on Monday as concerns over new lockdowns in China and the potential impact on demand sent prices tumbling. China is the world’s largest oil importer, so any slowdown in demand will weigh on prices. The nation uses around 15 million barrels per day, and imported 10.3 million barrels per day in 2021. Besides, investors also closely followed the developments on the Russia-Ukraine war front. Russia and Ukraine are set to begin talks in Turkey on Tuesday. Ukraine President Zelenskyy also said he wants to make a deal with Moscow over Donbas and he is willing to discuss adopting a neutral status too.
Benchmark crude oil futures for May delivery fell $7.94 or 7 percent to settle at $105.96 a barrel on the New York Mercantile Exchange. Brent crude for May delivery dropped $9.57 or 8.1 percent to settle at $107.80 a barrel on London's Intercontinental Exchange.