Global oil prices decreased as China implemented a lockdown in Shanghai, which is considered a major manufacturing and financial hub, BBC reported.
Brent crude prices fell by over $4.50 per barrel as the lockdown instigated fears of falling oil demand.
The futures contract for Brent crude decreased by 4% reaching $115.80 per barrel.
Moreover, the Shanghai Composite stock index dropped in early trade before it regained most losses later on.
However, oil prices are still 80% higher than the prices of 2021, as the Russian-Ukrainian crisis drove the prices up.