Oil prices fell on Monday as disappointing data from the US and China complicated the economic outlook, driving a shift away from riskier assets.
International oil benchmark Brent crude dropped as low as $92.78 a barrel as gloomy reports from the world’s two leading economies added to worries that a slowdown in global growth will hit industrial and consumer demand. US marker West Texas Intermediate slipped to $86.82, its lowest level since early February — before Russia invaded Ukraine.
Both indicators later trimmed their losses later in the day with Brent settling down 3.1 per cent at $95.10, and WTI settling at $89.41, down 2.9 per cent.
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