Oil plunges 5% on Chinese demand, inflation concerns
Power

Oil plunges 5% on Chinese demand, inflation concerns

World oil prices plunged five percent in value Monday on weaker demand concerns owing to China’s renewed Covid lockdowns and soaring inflation, according to traders.

European benchmark, Brent North Sea crude, slumped five percent to $106.77 per barrel, while main US contract WTI shed 5.4 percent to $103.87. — Agence France-Presse

 

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