Oil slides more than 8% as Shanghai lockdown prompts demand fears

Oil declined more than 8% at the lows of the day on Monday as concerns over new lockdowns in China and the potential impact on demand sent prices tumbling.

West Texas Intermediate crude futures, the U.S. oil benchmark, slipped 8.25% to trade at $104.50 per barrel. International benchmark Brent crude traded 7.4% lower at $111.61 per barrel.

However, both contracts recovered some losses during afternoon trading on Wall Street. WTI ended the day at $105.96 for a loss of about 7%. Brent settled 6.77% lower at $112.48 per barrel.

“Today’s price slide is attributable first and foremost to concerns about demand now that the Chinese metropolis of Shanghai…