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Oil Prices Fall By $4 in Internatinoal Market

Oil prices fell by more than $4 a barrel on Monday on demand fears as disappointing Chinese economic data renewed global recession concerns.

Brent crude futures fell $4.35, or 4.43%, to $93.80 a barrel by 1351 GMT after settling 1.5% lower on Friday.

U.S. West Texas Intermediate crude was down $4.23, or 4.59%, at $87.86 after dropping 2.4% in the previous session.

Brent futures were close to their lowest since before Russia sent troops into Ukraine on Feb. 24, while WTI futures touched their lowest on Monday since early February.

Brent crude open interest this month is down by 20% from August last year.

“Open interest is still falling, with some (market players) not interested in touching it because of volatility. That is, in my view, the reason resulting in higher volumes to the downside,” UBS oil analyst Giovanni Staunovo said, adding that the trigger for the drop on Monday was weak Chinese data.