Oil prices slumped on Monday, triggered by the rallied U.S. dollar as the raised Covid-19 cases in China quashed hopes that the economy reopening of the major oil importer in the world may not happen anytime soon.

Brent crude futures fell to 1.1% at $94.88 per barrel while WTI crude futures dropped 1.3% at $87.85 per barrel.

Prices of commodities surged on Friday following the alterations of the Covid-19 measures made by the Health Commission as they cut down the quarantine period for contact cases and inbound travellers.

Beijing along with other major cities announced today record infections, that was preceded by raised cases reported in China during the weekend.

China’s demand for oil is still held tight from the biggest exporter KSA, with many refiners requesting fewer crude for December.

Oil Prices has been affected by the strong dollar following the US Fed Governor announcements yesterday that Fed may take into account easing the interest rate hike but that shall not be perceived that Fed will sooth their moves towards taming the soared inflation.