Oil slipped over $1/barrel on China property market woes, EU interest rates in focus

Oil prices experienced a substantial drop of over a dollar per barrel on Monday, primarily driven by growing concerns surrounding China's struggling property sector. The downturn in the real estate market raised apprehensions about a potential decrease in oil demand, prompting traders to re-evaluate the supply risk premium previously associated with escalating tensions in the Middle East.

Traders also took a step back to assess the lingering high interest rates in the EU while the ECB was still divided on when to cut the lending rates. 

Brent futures fell $1.15/barrel, or 1.4%/barrel to settle at $82.40/barrel. 

WTI dropped by $1.23/barrel, or 1.6%/barrel to close at $76.78/barrel.