Crude oil prices slumped on Monday, weighed down by concerns about outlook for energy demand amid the likely impact of the Ukraine war and a slowdown in Chinese economic growth amid the ongoing lockdown in Shanghai.
A sell-off in global markets amid rising worries about inflation, and the dollar's climb to a fresh two-decade high hurt sentiment. The move by Saudi Arabia to cut prices for buyers in Asia amid a drop in demand in China weighed as well on the commodity.
Crude imports by China fell 4.8% in the first four months compared with last year.
The dollar index surged to 104.19 in the Asian session. Despite paring gains subsequently, the index moved higher again on safe-haven appeal as global stocks tumbled.
West Texas Intermediate Crude oil futures for June ended down by $6.68 or about 6.1% at $103.09 a barrel.
Brent crude futures were down $6.51 or 5.8% at $105.88 a barrel a little while ago.
Data released on Saturday showed China's export growth slowed substantially in April.
Tightening lockdowns in China have raised concerns about a recession later this year in the world's second largest economy.
Shanghai has tightened lockdown measures after China's premier Xi Jinping pledged to "unswervingly" double down on the country's controversial zero-Covid policy.
