Oil prices fell on Monday, pushed by slow economic growth concerns in China, the world's biggest oil importer, due to Covid-19 pandemic.
International benchmark Brent crude cost $103.34 per barrel at 1230 GMT for a 3.55% loss after closing the previous session at $107.14 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $100.71 per barrel at the same time for a 3.80% drop after the previous session closed at $104.69 a barrel.
Factory activity in China contracted for a second month to its lowest since February 2020 due to Covid-19 quarantine measures, data released on Saturday showed.
As the cases of Kovid-19 continue to increase in China, the authorities are trying to control the situation through lockdowns and isolation. Experts believe the government's strict zero-Covid strategy is putting a strain on the economy.
Meanwhile, Libya's National Oil Corp said on Sunday it would temporarily resume operations at the Zueitina oil terminal, which was offline since mid-April.
Low fuel demand in China and additional supply from Libya offset global supply concerns and relieved pressure on oil prices.
Experts are focused on EU Energy Ministers meeting in Brussels today to discuss the possibility of a phased embargo on Russian oil imports.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr