On Monday, oil prices saw a plunge in Asia due to a monotonous economic growth in China, the world's top oil importer. Brent crude futures fell $1.21 or 1.1% to $105.93 barrel, while US West Texas fell 99 cents or 1%.
The prices saw a plunge as China released data exhibiting monotonous activities in countries' factory activities. The world's second-largest economy saw a contraction for a second month because of the COVID-19 lockdown.
A commonwealth Bank Commodity analyst, Tobin Gorey, said," the plunge in oil prices came in the wake as China is already suffering from property bust and worries about its regulation.
Curbing the downside for the oil prices will result in a possible dent in the oil supply to European nations. Europe is counted as among the larger import of Russian oil, importing one-fourth of the Russian oil in 2020.