Fuel price cut hopes rise as oil sinks to lowest since January

Benchmark Brent crude fell to its lowest since January on Monday, brightening the scope for a reduction in fuel prices as protests in China over tough Covid restrictions and the impending G-7 price cap on Russian oil from December 5 clouded demand outlook. Brent slipped $2.6/barrel, or more than 3%, to $80.97. A lurking apprehension over another production cut by the Opec+ grouping of oil exporters, including Russia, contributed to the sharp fall.