Prices of crude oil dropped further in the red on Monday, plunging almost 9% amid demand worries prompted by the COVID-19 lockdowns in China. China is the world’s largest oil importer, and its second-largest oil consumer. West Texas Intermediate and Brent for May deliveries both plummeted 8.88% at 3:43 pm ET, selling for $103.13 and $109.25 per barrel, respectively. NN: do not let them make you stupid. Production out of both Russia and the middle east has dropped. As far as the China shut down… Its been more then offset by increased demand for jet fuels and shipping and personal transportation as the world wakes up as all travel restrictions are lifted.