Oil futures fall sharply, with U.S. prices ending at a 2-week low

Oil futures finished sharply lower on Monday, with U.S. benchmark prices marking their lowest finish since two weeks. Oil sold off amid the ongoing lockdowns in Shanghai and other parts of China, “seriously denting petroleum demand there,” said Marshall Steeves, energy markets analyst at S&P Global Commodity Insights. “This really illustrates the supremacy of the demand fears related to China over concerns related to Russian oil exports.” West Texas Intermediate crude for June delivery fell $3.53, or 3.5%, to settle at $98.54 a barrel on the New York Mercantile Exchange, the lowest front-month finish since April 11, FactSet data show.

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