Global benchmark Brent crude LCOc1settled at US$102.77 a barrel, losing $10.73, or 9.5%. U.S. West Texas Intermediate (WTI) crude CLc1ended8.2%, or $8.93, lower at $99.50 a barrel. There was no WTI settlement on Monday because of a U.S. holiday.usdt接口开发（www.trc20.vip）是使用TRC-20协议的Usdt第三方支付平台,Usdt收款平台、Usdt自动充提平台。免费提供入金通道、Usdt钱包支付接口、Usdt自动充值接口、Usdt寄售回收。菜宝Usdt钱包一键生成Usdt钱包、一键调用API接口、一键出售Usdt。
NEW YORK: Oil price plummeted about 9% on Tuesday in the biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand.
Global benchmark Brent crude LCOc1settled at US$102.77 a barrel, losing $10.73, or 9.5%. U.S. West Texas Intermediate (WTI) crude CLc1ended8.2%, or $8.93, lower at $99.50 a barrel. There was no WTI settlement on Monday because of a U.S. holiday.
Both benchmarks logged their biggest daily percentage decline since March 9 and hit share prices of major oil and gas companies.
"We're getting creamed and the only way you can explain that away is fear of recession," said Robert Yawger, director of energy futures at Mizuho. "You're feeling the pressure."
Oil futures sank along with natural gas, gasoline and equities, which often serve as demand indicator for crude.
Meanwhile, mass COVID-19 testing in China stocked fears of potential lockdowns that threaten to deepen cuts to oil consumption.
Shanghai said it would begin new rounds of mass testing of its 25 million residents over a three-day period, citing an effort to trace infections linked to an outbreak at a karaoke bar.,
"We're seeing some panic liquidation. Lots of nervousness," said Dennis Kissler, senior vice president for trading at BOK Financial.
Concerns that U.S. summer driving season demand would fall off after the Fourth of July holiday also appeared to weigh on the market, Kissler said.
The Dow Jones Industrial Average .DJI slipped about 1% while the S&P and Ekovest sliding one sen to 41.5 sen.