Oil Prices Fall to 2-Week Lows

Oil prices slumped to about two-week lows on Monday, extending losses from last week, as concerns grew that prolonged Covid-19 lockdowns in Shanghai and potential US rate hikes would hurt global economic growth and fuel demand.
Brent crude futures were down $3.93, or 3.7%, at $102.72 a barrel. They touched $102.47 earlier in the session, the lowest since April 12, CNBC reported.
US West Texas Intermediate crude futures fell $3.80, or 3.7%, to $98.27 a barrel, having skidded earlier to $98.05, also the lowest since April 12.
The benchmarks lost nearly 5% last week on demand concerns.
"Oil is rerating lower due to the China consumption hit while the Federal Reserve is raising interest rates to slow down the US economy," SPI Asset Management Managing Director Stephen Innes said in a note.
Shanghai authorities battling an outbreak of Covid-19 have erected fences outside residential buildings, sparking a fresh public outcry over a lockdown that has forced much of the city's population of 25 million indoors.
US Federal Reserve Chairman Jerome Powell has indicated that a half-point interest rate increase "will be on the table" when the Fed meets in May.