Oil plunged on stronger US dollar, falling demand outlook in China
Oil plunged on stronger US dollar, falling demand outlook in China
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.