Oil futures extended a drop Monday amid worries over China’s COVID-19 lockdowns, recession worries and a sharply higher U.S. dollar. West Texas Intermediate crude for December delivery fell $4.58, or 5.7%, to $75.50 a barrel on the New York Mercantile Exchange, while the most actively traded January contract shed $4.28, or 5.3%, to $75.83 a barrel. WTI traded at its lowest since January for both the front-month and most-active contracts.
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