By 01:53 GMT, Brent crude prices fell 28 cents, or 0.3 percent, to settle at $112.11 a barrel.
As for US West Texas Intermediate crude, it amounted to 109.36 dollars a barrel, down 41 cents, or 0.4 percent, according to Reuters.
“Broader risk aversion stemming from recession fears, and China’s COVID lockdowns are the main factors weighing on oil prices,” said CMC Markets analyst Tina Teng.
The global financial markets are also turbulent due to concerns about interest rate hikes and lockdown measures due to COVID-19 in China, which are hurting the world’s second largest economy.
“The ongoing shutdowns in China may continue to affect oil prices in the near term,” Teng said.
She added that Saudi Arabia’s price cut also reflected concerns about global oil demand.
Saudi Arabia, the world’s largest oil exporter, cut crude prices for Asia and Europe for June on Sunday.
Brent and US crude rose last week for the second week in a row due to concerns about supplies after the European Commission proposed a phased ban on Russian oil as part of a package of tougher sanctions due to the war in Ukraine.
The proposal requires a unanimous vote among EU members.