: Oil futures settle lower, with U.S. prices down more than 3%

Oil futures declined on Monday, with U.S. prices losing more than 3% to erase Friday’s gain and then some. Losses followed a modest reduction in the Organization of the Petroleum Exporting Countries’ 2022 global demand forecast, as uncertainty continues to surround China’s COVID-19 policy and its outlook for energy demand. Still, with China looking to ease COVID restrictions and the potential price cap possibly Russia taking oil barrels off markets, “we feel risk is to the upside in energy markets,” said Tariq Zahir, managing member at Tyche Capital Advisors. U.S. benchmark West Texas Intermediate crude for December delivery CLZ22 fell $3.09, or 3.5%, to settle at $85.87 a barrel on the New York Mercantile Exchange after posting a gain of 2.9% on Friday.

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