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International benchmarks for crude oil plunged more than 7% on Tuesday, 12 July 2022 as the US dollar surged against other currencies while multiple cities in China imposed strict COVID-19 curbs that are expected to hurt demand.

Brent dived $7.61 or 7.1% to close at $99.49/barrel.

WTI declined $8.25 or 7.9% to settle at $95.84/barrel.