tokyo nov 28 reuters  oil futures fell more than 1 early on monday as protests in top importer china over strict covid19 curbs fuelled demand worries while investors remained cautious ahead of an agreement on a western price cap on russian oil and an opec meeting brent crude dropped 101 or 12 to trade at 8262 a barrel at 0110 gmt us west texas intermediate wti crude slid 109 or 14 to 7519 both benchmarks which hit 10month lows last week have posted three consecutive weekly declines brent ended the latest week down 46 while wti fell 47 on top of growing concerns about weaker fuel demand in china due to a surge in covid19 cases political uncertainty caused by rare protests over the governments stringent covid restrictions in shanghai prompted selling said hiroyuki kikukawa general manager of research at nissan securities wtis trading range is expected to fall to 7075 he said adding the market could stay volatile depending on the outcome of the opec meeting and the price cap on russian oil china the worlds top oil importer has stuck with president xi jinpings zerocovid policy even as much of the world has lifted most restrictions hundreds of demonstrators and police clashed in shanghai on sunday night as protests over chinas strict covid restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the countrys far west the wave of civil disobedience is unprecedented in mainland china since xi assumed power a decade ago as frustration mounts over his zerocovid policy nearly three years into the pandemic meanwhile group of seveng7 and european union diplomats have been discussing a price cap on russian oil of between 65 and 70 a barrel with the aim of limiting revenue to fund moscows military offensive in ukraine without disrupting global oil markets but a meeting of eu government representatives scheduled for nov 25 evening to discuss the issue was cancelled eu diplomats said the price cap is due to come into effect on dec 5 when an eu ban on russian crude kicks off read more investors are also focusing on the next meeting of the organization of the petroleum exporting countries and allies known as opec on dec 4 in october opec agreed to reduce its output target by 2 million barrels per day through 2023 read more