Oil prices slipped on Monday amid fears that a global recession against the backdrop of the Ukraine War and China’s economic woes could dampen oil demand.
Benchmark Brent crude futures fell $1.45, or 1.3 percent, to $110.94 a barrel, while West Texas Intermediate Crude oil futures were down $1.69, or 1.5 percent, at $108.06.
China’s export growth slowed to the weakest in almost two years and imports were barely changed in April, adding to concerns over the economic outlook.
Tightening lockdowns in China also added to concerns about a recession later this year.
Shanghai is further tightening its stringent lockdown measures after China’s top leader Xi Jinping pledged to “unswervingly” double down on the country’s controversial zero-Covid policy.
Saudi Arabia has cut prices for buyers in Asia for the first time in four months as China’s disruptive lockdowns weigh on demand.
Geopolitical tensions also remained on investors’ radar, with Russian President Vladimir Putin defending Moscow’s “special military operation” in Ukraine.
In his inaugural speech on the occasion of Victory Day, Putin said it was “necessary” amid war threats from the Western nations.