Oil prices, on Monday, plunged 4 per cent amid concerns that the pandemic will cut demand in China.
Brent crude futures fell 4 5 per cent to $98.16 a barrel.
U.S. West Texas Intermediate (WTI) crude dropped correspondingly over 4 per cent to $94.51.
Analysts at the Eurasia Group consultancy told Reuters that consumption in China, the world’s biggest oil importer, has stalled with coronavirus lockdowns in Shanghai.
