Oil plunged on downbeat China trade data, more rate hikes ahead

International benchmarks for crude oil nosedived on Wednesday, 7 September 2022, losing nearly $5/barrel following the disappointing China trade data that signal dwindling global consumption. Meanwhile, The European Central Bank is expected to raise interest rates sharply on Thursday and the Federal Reserve on 21 September.

Brent fell $4.83 to below the $90/barrel mark for the first time since February 2022, to settle at $88/barrel.

WTI loses $4.94 to close at $81.94/barrel.