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Oil market tumbled more than 4% on concern over the demand outlook in ChinaOil market tumbled more than 4% on concern over the demand outlook in China |
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International benchmarks for crude oil plunged more than 4% on the first trading day of the year, 3 January 2023 after the Chinese government raised export quotas for refined oil products for the first batch of 2023, sparked speculations that poor domestic demand led to the decision. Meanwhile, China’s manufacturing activities fell in December, according to a Caixin survey as the outbreak bit.
Brent for March delivery dropped $3.81 or 4.4% to close at $82.10/barrel.
WTI fell $3.33 or 4.1% to close at $76.93/barrel.
