Oil Prices Under Pressure As Demand Concerns Mount

Oil prices fell early on Monday morning as bearish sentiment continued to weigh on markets amid expectations of further interest rate hikes and concerns about Chinese oil demand. Brent started the week more than a dollar down at $91.80 a barrel at the time of writing. West Texas Intermediate was trading at $85.64 a barrel, also down by more than a dollar per barrel. The main downward pressure on oil prices in the past few days has been a report that China could see its annual oil demand shrink for the first time since 2002 because of Covid restrictions…