LONDON, Jan 4 (Reuters) – Oil fell sharply on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising COVID cases.
Brent futures fell $1.88 to $80.22 a barrel, a 2.3% loss, by 1032 GMT. U.S. crude dropped $1.68, or 2.2%, to $75.25 per barrel.
Both benchmarks plunged more than 4% on Tuesday, with Brent suffering its biggest one-day loss in more than three months.
“Worries about the state of the global economy are front and centre of traders’ minds and will remain so for the foreseeable future,” PVM Oil analyst Stephen Brennock said.
The Chinese government also increased export quotas for refined oil products in the first batch for 2023, signalling expectations of poor domestic demand. read more
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