Crude oil futures ended deeply lower on Monday, extending their previous session’s losses, as a resurgence in Covid cases in China raised concerns about energy demand. Covid cases are on the rise in Shanghai with the city reporting over 19,000 new infections in the last 24 hours. Also, reports indicate a possibility of Beijing imposing fresh lockdown measures in several areas to curb the spread of the virus. Further, a strong US dollar amid rising prospects of a series of sharp interest rate hikes by the Federal Reserve weighed as well on crude oil prices.
Benchmark crude oil futures for June delivery fell $3.53 or $3.53 percent to settle at $98.54 a barrel on the New York Mercantile Exchange. Brent crude for June delivery lost $4.33 or 4.1 percent to settle at $102.32 a barrel on London's Intercontinental Exchange.