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5/9, 1:07 PM (Source: TeleTrader)
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Oil loses 2% as China lockdowns fears persist

Prices of crude oil futures were down over 2% on Monday, with the sentiment seemingly driven by fears tied to coronavirus lockdowns in the world's number one oil importer, China.

On the supply side, there were no major shifts in the Ukraine conflict, as negotiations between the two sides reportedly continued in an online format.

West Texas Intermediate for deliveries in June dropped 2.38% at 6:55 am ET, selling for $107.16 per barrel, while Brent for July settlements declined by 2.16% a minute later, to go for $110.05 per barrel.

Baha Breaking News (BBN) / BU