Oil accelerates losses, tumbles 6%

Prices of crude oil futures extended losses on Monday, sliding more than 6% as the worries related to the demand for crude mounted among traders.

The greatest contributor to the negative sentiment was seemingly China's decision to insist on its zero-COVID policy as the more easily transmissible Omircon variant of the coronavirus spread in some of the country's most populous cities.

West Texas Intermediate for May deliveries tumbled 6.18% at 9:20 am ET, selling for $106.86 a barrel, while Brent for settlements in the same month sank 6.23% at the same time, going for $113.17 per barrel.

Baha Breaking News (BBN) / BU