TOKYO: Oil prices slumped to about two-week lows on Monday, extending losses from last week, as concerns grew that prolonged COVID-19 lockdowns in Shanghai and potential U.S. rate hikes would hurt global economic growth and demand for fuel.
Brent crude futures were down $3.93, or 3.7%, at $102.72 a barrel by 0644 GMT. They touched $102.47 earlier in the session, the lowest since April 12.
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