• Global benchmark Brent was little changed below $88 a barrel after sinking almost 9% last week. At the weekend, China reported its first Covid-19 death in almost six months, sparking fears of further curbs in the world’s top oil importer. In addition, investors are concerned further aggressive monetary tightening will hurt energy demand.
• A looming European Union ban on Russian seaborne flows and Group of Seven price-cap plan are clouding the outlook, with officials possibly set to announce the cap’s level on Wednesday as they step up their response to Moscow’s invasion of Ukraine.