Oil prices fall $8
Oil prices fell more than $8 a barrel during trading on Monday, as investors pinned their hopes on diplomatic efforts between Ukraine and Russia to end their war, while a jump in COVID-19 infections in China sparked panic in the markets.
Brent crude contracts fell to the nearest maturity of $8.19, or 7.28 percent, to $104.49 a barrel by 1440 GMT.
US West Texas Intermediate crude contracts fell $8.74, or 8.02 percent, to $100.65 a barrel.
Both benchmarks have posted sharp gains since the Russian invasion of Ukraine on February 24, and are still about 40 percent above their levels at the start of the year.
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