Oil ends lower on fears COVID-lockdowns in China will hurt energy demand

Oil futures fell sharply on Monday, with U.S. prices settling at their lowest in more than a week. The price decline was “dominated” by Chinese lockdowns, said Manish Raj, chief financial officer at Velandera Energy Partners, which may lead to lower demand for energy. West Texas Intermediate crude for May delivery CLK22, -0.86% declined by $7.94, or about 7%, to settle at $105.96 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since March 18, FactSet data show.