Oil prices slumped on Monday as street protests against strict COVID-19 curbs in China, the world's biggest crude importer stoked concern about the outlook for fuel demand.
Brent crude dropped $2.43, or 2.9%, to trade at $81.20 a barrel at 0731 GMT, after diving more than 3% to $80.61 earlier in the session - its lowest since Jan. 4.
Both benchmarks, which hit 10-month lows last week, have posted three consecutive weekly declines. Brent ended the latest week down 4.6%, while WTI fell 4.7%. WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of an upcoming OPEC+ meeting on output and the level of the forthcoming G7 price cap on Russian oil.
Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China's strict COVID restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the country's far west.
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