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Oil prices slipped on Monday alongside equities and weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.Brent crude fell $1.83, or 1.6%, to $110.56 a barrel by 0953 GMT. U.S. West Texas Intermediate crude was at $107.7 a barrel, down $2.07, or 1.9%. Both contracts have gained over 40% so far this year.In Russia, oil output rose in early May from April and production has stabilised, Deputy Prime Minister Alexander Novak was cited as saying, after output fell in April in the wake of Western sanctions imposed over the Ukraine crisis.Crude imports by China fell 4.8% in the first four months compared with last year, but included a nearly 7% rise in April.The EU proposal was followed by a pledge by G7 nations on Sunday to ban or phase out Russian oil imports. Washington also imposed new sanctions.
