U.S. WTI crude futures declined by $1.04, or 1%, to $103.75, paring a 2% gain from Friday.Trading was thinned by a public holiday in parts of Southeast Asia, including oil trading hub Singapore.
Both contracts posted weekly declines last week as the market was dominated by worries that rising interest rates to curb inflation would spark a recession and dent oil demand. "Net long positions in WTI crude futures are now at their lowest level since March 2020, when demand collapsed amid the initial outbreak of COVID-19. This is despite ongoing signs of tightness," ANZ Research analysts said in a note.
Both benchmark contracts traded lower in early trade on Monday then turned positive, then turned back down again. Data for July 10 on COVID-19 cases in China showed numbers had climbed from the previous day. Concerns remain about the potential for wider lockdowns after a new Omicron subvariant was discovered in Shanghai.
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