Oil prices fell sharply on Monday, as worries about weaker economic growth and demand offset news about the lifting of Covid-induced restrictions in major Chinese cities.
A stronger dollar ahead of another jumbo rate hike by the U.S. Federal Reserve this week also weighed on oil prices.
Benchmark Brent crude futures fell 1.6 percent to $89.89 a barrel, while WTI crude futures were down 1.9 percent at $83.12.
13 central bank meetings are scheduled this week, which are certain to see borrowing costs rise across the globe.
Higher interest rates tend to slow economic growth, with the Eurozone and U.K. expected to enter recession later this year.
The U.S. is facing a possible recession and China is heading for further slowdown, raising fears that fuel demand will slow.
Oil prices rose in early Asian trade after China, the world's top importer of crude, started easing curbs in Chengdu.
The southwestern city of more than 21 million people allowed people to leave their homes and resume most aspects of normal life for the first time since Sept. 1, provided they're tested regularly for Covid-19.
