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Crude oil prices closed at an 11-month low $77.24 a barrel, after falling as low as $73.61, the lowest price since last December.

U.S. benchmark indexes accelerated losses in the final hour of trading with the S&P 500 down 1.5% and the Nasdaq Composite off 1.6%.

European markets closed lower on the worries that widening protests in China may disrupt luxury products exports and intermediate goods imports.

China protests spread to more cities over the weekend as the country battles Covid-infections with stringent measures and 400 million people are locked down.

Global markets fall on worries that China's crackdown on protests against zero-Covid policies may prolong supply chain disruptions.