Oil prices fell further on Monday to extend steep losses from last week on demand worries.
Benchmark Brent crude futures dropped 0.8 percent to $86.94 a barrel, while WTI crude futures were down 0.7 percent at $79.53.
WTI crude futures plummeted around 10 percent last week to reach six-week lows while Brent prices fell almost 9 percent on China demand worries and fears of more aggressive interest-rate hikes in the United States.
The prospect of more restrictions and therefore lower demand in China weighed on oil prices today after China reported the first virus-related deaths recorded since May this year.
Goldman Sachs cut its forecast for Brent oil by $10 to $100 per barrel for the fourth quarter of 2022, citing rising COVID cases in China and increased flows of oil from Russia ahead of EU curbs and the price cap.
A stronger dollar also weighed on oil prices following hawkish remarks from several Fed officials last week.
Markets currently expect a 50-bps hike at the Fed's December meeting, then by quarter points the following two meetings.
