Oil tumbled on growing concerns over demand outlook

International benchmarks for crude oil plunged around 6% on Monday, 9 May 2022 as the market refocused on the demand outlook after the FED lifted the interest rate last week while China shows no intention of easing the ‘Zero Tolerance’ policies toward the COVID-19 outbreak.

Brent slipped $6.45 or 5.7% to close at $105.94/barrel. 

WTI fell $6.68 or 6.1% to settle at $103.09/barrel.