Crude oil futures ended lower on Monday due to concerns about the outlook for energy demand amid a surge in coronavirus cases in China and fresh curbs imposed in some areas in the country. As per private report, several Chinese cities are adopting fresh Covid-19 curbs, with the commercial hub of Shanghai bracing for another mass testing campaign after detecting the highly transmissible BA.5 Omicron subvariant over the weekend. Besides, the dollar's jump amid expectations of sharp interest rate hikes also weighed on crude oil prices.
Benchmark crude oil futures for August delivery fell $0.70 or 0.7 percent to settle at $104.90 a barrel on the New York Mercantile Exchange. Brent crude for September delivery added $0.08 or 0.07 percent to settle at $107.10 (Provisional) a barrel on London's Intercontinental Exchange.