Oil prices: Brent crude futures drop to $95.14

Oil prices fell following weaker-than-expected factory activity data out of China and on concerns its widening COVID-19 curbs will curtail demand, Reuters reported.

Brent crude futures dropped 63 cents, or 0.7%, to $95.14 a barrel by 0420 GMT, after slipping 1.2% on Friday.

US West Texas Intermediate (WTI) crude was at $87.43 a barrel, down 47 cents, or 0.5%, after settling down 1.3% on Friday.

“The purchasing managers’ index (PMI) data contracting adds to the post-China congress party blues for oil markets. It is not difficult to draw a straight line from weaker PMIs to China’s COVID-zero policy,” said Stephen Innes, managing partner of SPI Asset Management.

“So long as COVID-zero remains entrenched, it will continue to thwart oil bulls.”