Brent crude fell $1.83 to $110.56 a barrel by 0953 GMT, while U.S. West Texas Intermediate crude was down $2.07 at $107.70
Oil prices slipped on Monday alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.
In Russia, oil output rose in early May from April and production has stabilized, Deputy Prime Minister Alexander Novak was cited as saying, after output fell in April in the wake of Western sanctions imposed over the Ukraine crisis. On the supply side, Saudi Arabia, world’s top oil exporter, lowered crude prices for Asia and Europe for June.
The EU proposal was followed by a pledge by G7 nations on Sunday to ban or phase out Russian oil imports. Washington also imposed new sanctions.
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