Oil tumbles about 6% as China COVID lockdowns weigh – NewsBreak

NEW YORK, May 9 (Reuters) – Oil prices sank about 6% on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook. Brent crude fell $6.45, or 5.7%, to settle at $105.94 a barrel. U.S. West Texas Intermediate crude fell $6.68, or 6.1%, to settle at $103.09 a barrel. Both contracts have gained about 35% so far this year. Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world’s No….