Oil prices dropped on Monday as optimism about peace talks between Ukraine and Russia eased concerns about supply levels while new coronavirus lockdowns in China raised the prospect of falling energy demand.
Brent crude, the global benchmark, settled 6.8 per cent lower at $112.48 a barrel, while US marker West Texas Intermediate dropped 7 per cent to $105.96.
Oil markets have swung violently over the past week, with intraday moves of at least 5 per cent each day as traders grappled with the latest developments from Russia and China, as well as Saudi Arabia where an oil storage facility was bombed on Friday.
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