Following last week’s losses, oil prices fell more than 2% on Monday amid growing concerns that fuel demand may become slower due to new coronavirus-related restrictions in Asia.
Brent crude futures dropped $1.66, or 2.4%, to settle at $69.04 a barrel. U.S. West Texas Intermediate crude fell $1.80, or 2.6%, to settle at $66.48 a barrel. Both benchmarks closed at their lowest levels since July 19.
Major Wall Street banking institutions also cut their China growth forecasts on Monday, after export growth slowed unexpectedly and on concerns that the resurgent coronavirus could curtail economic activity.
China reported 125 new COVID-19 cases on Monday, up from 96 a day earlier. In Malaysia and Thailand, infections hit daily records.
China’s export growth slowed more than expected in July after outbreaks of COVID-19 cases and floods, while import growth was also weaker than expected.
U.S. gasoline futures slid less than crude.
Analysts said the oil market was looking for direction from monthly data reported by the U.S. Energy Information Administration on Tuesday and the Organization of the Petroleum Exporting Countries and the International Energy Agency on Thursday.