WTI crude futures tumbled more than 2% to below $103 per barrel on Monday, as concerns about a global recession and potential new coronavirus-induced restrictions in top consumer China outweighed persistent supply-side issues. Fears of a demand-sapping global recession continue to dominate market sentiment as major central banks are racing ahead with aggressive rate hikes to combat surging inflation. Rising virus cases throughout China and the discovery of a new Omicron subvariant in Shanghai also raised fears about the potential for wider lockdowns in the country. Meanwhile, the market remains nervous about plans by Western nations to cap Russian oil prices, with President Vladimir Putin warning that further sanctions could lead to “catastrophic” consequences in the global energy market.