Oil prices turned positive on Monday as rumours of an OPEC+ production cut offset concerns about slump in global demand.
Earlier on Monday, oil prices fell to their lowest level since January amid worries that protests against Covid-19 lockdowns in China, the world’s biggest crude importer, may affect demand.
Futures for Brent crude, the global benchmark, dropped 2.9% to trade close to $81 a barrel, the lowest level since January. Similarly, West Texas Intermediate crude oil futures slid 2.7% to trade close to $74 a barrel.
