Oil prices fell on Monday to near multi-month lows as the recession harmed demand prospects and data indicated a slow recovery in China’s crude oil imports last month.
According to Reuters, Brent crude futures fell 74 cents, or 0.8 percent, to $94.18 per barrel.
Prices for the nearest month to contract fell 13.7 percent to their lowest level since February last week, marking the largest weekly decline since April 2020.
US West Texas Intermediate crude traded at $88.34 per barrel, down 67 cents, or 0.8 percent, extending losses after falling 9.7 percent the previous week.
According to customs data, China, the world’s largest importer of crude oil, imported 8.79 million barrels per day in July, up from a four-year low in June but still 9.5 percent lower than a year ago.
